Baltimore Office Market
|Average Asking Rent (Price/SF)||$24.94|
|Vacancy Rate (%)||14.8%|
|Net Absorption (SF)||-118,427|
The Baltimore metro area’s office vacancy rate continued to increase slightly during the fourth quarter of 2021 to 14.8%, a continued consequence of the pandemic’s variants and hesitation of tenants to commit to return-to-office plans. Net absorption registered negative 118,427 square feet during fourth-quarter 2021, bringing the metro’s year-to-date absorption total to negative 740,063 square feet. Asking rents averaged $24.94/SF during the third quarter, up 3.1% from one year ago.
Baltimore Industrial Market
|Average Asking Rent (Price/SF) ||$5.88|
|Vacancy Rate (%)||8.7%|
|Net Absorption (SF)|
Baltimore’s industrial market fundamentals continue to be shaped by increased demand for e-commerce and distribution centers. The average asking rent increased slightly in the fourth quarter of 2021. The vacancy rate decreased by 140 basis points from the third-quarter, reaching 8.7%. The market registered over 2 million square feet of net absorption in the fourth quarter, its strongest rate in the last year. Total inventory increased in the fourth quarter, due to 792,000 square feet of new deliveries. Despite the economic disruption that the variants continue to bring to the market, Baltimore’s industrial product shows a positive trend of sustained growth.