Q4 2018 Baltimore Market Report
Office market fundamentals in the Baltimore MSA remained largely unchanged in 2018 with vacancy decreasing just 10 bps to 13.4% and average asking rents increasing $0.05/SF to $24.18. Unlike national trends where urban centers outperform their suburban counterparts, many of Baltimore’s suburbs have superior fundamentals and attract high levels of interest from a variety of tenants. The industrial market remains strong with e-commerce driving vacancy rates near 20-year lows and robust absorption across a number of submarkets. New warehouse construction reached an all-time high in 2018 with a total of 3.4M SF of new product delivered.