Newmark reports in the first six months of 2019, the Baltimore suburban office market saw an increase in sales, as compared to the first six months of 2018, of close to 25 percent. Suburban office sales in the first six months of 2019 totaled $246 million compared to the first six months of 2018 which totaled $187 million.
“Investors are looking for opportunities in stable locations with attractive yields, which the suburban Baltimore market provides,” said Newmark Executive Managing Director Cris Abramson.
Five transactions in the Columbia, Hunt Valley and White Marsh submarkets totaled 1.12 million square feet across 17 single- and multi-story buildings.
- Patuxent Crossing Portfolio (Columbia)
- 200 International Circle (Hunt Valley)
- International Circle Portfolio (Hunt Valley)
- North Park Portfolio (Hunt Valley)
- 8140 & 8110 Corporate Drive (White Marsh)
“The Columbia, Hunt Valley and White Marsh submarkets all have single-digit vacancy rates driven by strong labor markets as well as excellent and easy access to retail amenities and transportation options,” added Abramson. “We’ve seen especially strong interest in and competition among buyers for all of the properties we have recently brought to market.”
Across the greater Baltimore and Washington regions, the team has completed more than $410 million in total transactions, including $226 million in industrial and flex/industrial sales, through the first six months of 2019.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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