Baltimore Office Market
| Average Asking Rent (Price/SF) | $24.49 |
| Vacancy Rate (%) | 14.2% |
| Net Absorption (SF) | -359,250 |
The Baltimore metro area’s office market continued softening in the first quarter of 2021, measuring the largest net absorption loss since the beginning of the pandemic. Net absorption registered -359,250 square feet during first-quarter 2021. This marks four consecutive quarters of occupancy loses in the Baltimore metro. Vacancy continued to steadily rise in first-quarter 2021, reaching 14.2%. This marks a 40-basis point increase from fourth-quarter 2020 and a 120-basis point increase from one year ago. Asking rents averaged $24.49/SF during first-quarter 2021, up from $24.18/SF in the previous quarter. Face rents have largely been flat since the onset of the pandemic; however, the growing supply of new availability, much of it sublease space from tenants in higher-end buildings, is steering the average asking rent.
Download Baltimore Office Market Report 1Q21
Baltimore Industrial Market
| Average Asking Rent (Price/SF) | $5.93 |
| Vacancy Rate (%) | 10.0% |
| Net Absorption (SF) | 716,244 |
Baltimore’s industrial market fundamentals continue to be shaped by increased demand for e-commerce facilities. The average asking rent increased during the first quarter and is 13.4% higher than it was a year ago. The vacancy rate declined by 40 basis points from the previous quarter to 10.0% but is 200 basis points higher than one year ago, primarily due to the delivery of new space, some of which became occupied during the first quarter of 2021. The Baltimore industrial market registered 716,244 square feet of net absorption during the first quarter of 2021, its strongest quarter since the first quarter of 2020. The pandemic has brought disruption to the market but also opportunity, as e-commerce and modern last-mile distribution space have accelerated demand. The industrial sector was better insulated from the impacts of the pandemic relative to other property types but has still endured modest job losses over the past 12 months.
Download Baltimore Industrial Market Report 1Q21