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BALTIMORE METRO
COMMERCIAL REAL ESTATE
MARKET REPORT
2ND QUARTER
2019
ECONOMY | CAPITAL | CONSTRUCTION | OFFICE | RETAIL | INDUSTRIAL
CONTENTS
Economic Factors 1
Office Overview 4
Retail Overview 6
Industrial Overview 8
Our Research 11
ECONOMIC FACTORS SECOND QUARTER | 2019
ECONOMIC Employment Unemployment Rate Cost of Living (vs. National) Household Income Growth Population Growth Consumer Price Index (CPI)
INDICATORS* 1.46 Mil 3.6% 17% Higher -0.43% -0.491% +1.0%
Baltimore (MSA) Rankings in the News Metro Area Employment Growth by Industry Sector (YOY)*
These are remarkable times. One scarcely knows whether to focus on trade wars, Bitcoin, a booming stock market, shifting Federal Reserve policymaking, or conflicts involving Iran, North Korea, and several other
societies. But perhaps what is most remarkable is the unlikely simultaneity of ultra-low unemployment and contained inflation, which has allowed for low interest rates to persist through ten years of now-completed
economic expansion.
This is not to suggest that economic performance is perfect. There is evidence of stagnating industrial production, hampered export growth, and massive federal budget deficits. But for the most part, the headline
numbers paint the picture of an economy characterized by a virtuous consumer spending cycle coupled with support from rising state and local government outlays. Clearly, financial markets have been delighted
with the current equilibrium, with both equity and bond prices rising recently.
Most economists agree that a near-term recession is unlikely. As of this writing, the nation has added jobs for 105 consecutive months, an unprecedented winning streak in the nation’s history. With more people
working, there is more consumer spending power circulating throughout the economy. This translates into more demand for goods and services, which fuels business spending. That in turn produces demand for real
estate, including new apartments, and fulfillment and data centers.
While one might think that the combination of low unemployment, faster increases in wages, rising tuitions, tariffs, evolving minimum state/local minimum wage policy and other economic factors would be driving
consumer costs higher, a softening global economy, the Amazon/online effect, and a strong U.S. dollar have helped conspire to keep problematic inflation at bay. Given recent pronouncements, Federal Reserve
policymakers appear more concerned at this point about deflationary pressures rather than inflationary ones, which has investors and others speculating on how many rate cuts are to come in 2019 and beyond.
While the likelihood of a near-term recession is small, the probability of a recession beginning in 2020 or 2021 is deemed by many to be quite high. Asset prices, including of various speculative crypto-currencies,
have been surging higher, often an element of late-cycle dynamics. Prior to June, which saw the nation add 224,000 net new jobs, job growth appeared to be softening. Over the last four months, the nation added
an average of 166,000 jobs per month. During the same period of time last year, the monthly average was 228,000.
And then there is the not so insignificant matter of next year’s presidential election, which may have a chilling effect on business and household decision-makers who adopt a wait-and-see attitude as November
2020 gets closer. The implication is that economic growth in America, which has already been slowing since the first quarter of the current year, will slow further over the months to come.
Job growth in Maryland has been especially sluggish of late. Indeed, the Free State’s economic momentum hit the equivalent of a Ravens’ middle linebacker when the federal government experienced a partial
shutdown for 35 days several months ago.
Statewide job growth is far softer now than it was prior to the shutdown. On a year-over-year basis, the Free State added 15,000 net new jobs in May, representing a lackluster increase of 0.5% in total payrolls.
That percentage growth ranks Maryland tied at 40th in the nation in terms of the pace of growth among the 50 U.S. states and the District of Columbia. The bulk of jobs added in Maryland were in the Baltimore
metropolitan area, home to approximately half of Maryland’s economic output. Job growth in Maryland’s D.C. Suburbs, which are collectively responsible for about 40% of Maryland’s economy, remains unusually
subdued.
*Indicators and additional economic information taken from the Bureau of Labor Statistics.
© 2019, MacKenzie Commercial Real Estate Services, LLC | 1
CAPITAL & INVESTMENT SALES SECOND QUARTER | 2019
CAPITAL 12-Month Volume Total Square Feet Average Price PSF Average Cap Rate Properties Sold Volume vs. Prior Year
INDICATORS 12MM* $1.53 Million 13.96 Million $138 7.5% 145 -1.3%
Change In Sales (Year over Year) Average Sale Price Per Square Foot Average Cap Rates
300.0% 400 12.0%
Top Quartile Median Bottom Quartile Bottom Quartile Median Top Quartile
250.0% 350
10.0%
200.0% 300
150.0% 250 8.0%
100.0%
200 6.0%
50.0%
150
0.0% 4.0%
100
-50.0%
2.0%
50
-100.0%
-150.0% 0 0.0%
• Polling of major Investment Banking economist have a formal consensus of a total of 50 basis point reduction in Fed Funds Rate for 2019. Approximately half expect 25 basis points to occur end of July with the rest
of the reduction to occur through the balance of the year, with the remaining half of the economists expect a 50-basis points reduction in July with no movement through the end of the year.
• With the sudden halt to rising interest rates and more than likely future cuts; capitalization rates have halted their increase and remain constant over the short term
• Commercial Real Estate is still able to attract large inflows of equity investment both from institutional investors and high net worth individuals. With volatility in the equities market and still historical lows in fixed income
large capital managers are still in search for yield—pushing more and more to real estate.
• The bifurcation of lenders underlying base interest rates has created clear winners and losers in the capital markets. Lenders who rely on pricing off the Prime Interest rate with traditional risk adjusted spreads have
suddenly seen their rates become uncompetitive due to the quick and drastic widening of the Treasury/Prime and LIBOR/Prime spreads.
• Global Commercial Real Estate Investment rose 13% year-over-year to $341 Billion. The US lead with the most gross dollars of $122 Billion but only showed 11% year-over-year growth. This shows that US growth is
expected to grow at a faster rate than the rest of the world. Data Centers and Healthcare related assets lead the charge with the greatest percentage of growth (Deloitte).
• Lenders are getting full on allocation limits for assets. Hotels are becoming more and more challenging as well as retail and suburban office. However, lenders who still have “dry powder” have shown to be aggressive
in terms of leverage and term to get money out of the door. These lenders feel as though they have missed passed opportunities and are aggressive. This dichotomy in the capital markets has created choppy waters
and requires a wide net to be tossed to perspective lending partners to find the best execution.
TOP INVESTMENT ‘PLAYERS’ BY ACQUISITION/DISPOSITION VOLUME
TOP BUYERS
(24 MONTHS ROLLING)
Base City Average Price Per Sale Acquisition Volume Properties
Private Buyers
Privately-controlled business geared toward
72% Prior Year:
Blackstone New York, NY, USA 10,353,933 258,848,329 25 operating, developing, or investing CRE. 39%
CoreCivic Nashville, TN, USA 242,000,000 242,000,000 1
TIAA New York, NY, USA 201,242,433 201,242,433 1
Colony Capital (REIT)
TA Realty
Los Angeles, CA, USA
Boston, MA, USA
18,231,818
21,426,429
200,550,000
149,985,000
11
7
16%
Prior Year:
Listed/REITs
Corporation that combines the capital of many
16% investors to acquire or provide financing.
TOP SELLERS Base City Average Price Per Sale Disposition Volume Properties
(24 MONTHS ROLLING)
PROJECT RBA Under Construction Count Under Construction RBA Delivered YTD Vacant Availability Proposed Buildings Count Under Renovation
INDICATORS 8,101,530 44 1,910,285 6.5% 370 13
3% 6%
11%
5% 30% 32%
25%
30%
50%
41%
17%
51%
Howard Row
The company behind the mixed-use Howard
Row development in downtown Baltimore’s west
side is expanding the scope of its project after
purchasing a neighboring building according to
city documents. The project will consist of five
ground floor retail spaces and 41 apartments
constructed in the buildings that sit at the edge of
Baltimore’s Market Center Historic District and the
Mount Vernon neighborhood.
Port Covington
A ground-breaking ceremony was held in early
May for the “Chapter 1 Phase” of the Port
Covington redevelopment, the Rye Street Market
buildings which are scheduled to be completed
in fall 2021 and total 275,000 sf of office,
residential, and retail space. They are located
off Cromwell Street.
Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent
OFFICE INDICATORS 81,885,982 1,222 463,447 440,161 12.1% $23.52
MARKET OUTLOOK
The Baltimore-Metro Office market remained stable through the 2nd Quarter of 2019. Biotech and Healthcare have remained two crucial industries in HIGHLIGHTS & TRENDS
the Baltimore office market. The University of Maryland BioPark and the Johns Hopkins FastForward incubators have provided the resources for small
Greenfield Partners, LLC sold North Park Business
companies to grow their Biotech businesses. In Q2 the University of Maryland BioPark announced a project to build a new 300,000 square foot office
Community, a three-building, 297,231 square foot office
building on Martin Luther King Boulevard. The highly anticipated construction of Port Covington began in May as Weller Development kicked off the $600
portfolio in Hunt Valley, Maryland to North Park Ventures,
million “Chapter 1” phase of the project. This phase will consist of 275,000 square feet of office, residential & retail space. The project is expected to be
LLC. Greenfield acquired the buildings from Liberty
completed in the fall of 2021.
Property Trust in 2014 as part of a 6.6 million square foot
MARKET DIRECT VACANCY % ABSORPTION ASKING RENTAL RATES portfolio sale.
THE NUMBERS SIZE Current Prior Qtr Prior Yr Net YTD Current Prior Qtr Prior Yr Center Court Holdings, a New York firm, purchased an
eight building Columbia portfolio leased in large part to
Baltimore City East 2,515,733 5.3% 4.1% 3.6% -67,517 -65,015 $23.64 $22.57 $27.56 state and county government agencies from a partnership
Baltimore City Midtown 1,619,677 6.8% 7.0% 4.8% 2,718 8,447 $20.20 $20.37 $20.05 affiliated with Greenfield Partners. The deal included
Baltimore City North 3,009,482 3.3% 3.5% 8.6% 4,095 89,187 $27.19 $25.84 $22.02 buildings at 9755, 9770, 9780, 9790, 9800, 9810, 9820
and 9830 Patuxent Woods Drive. Center Court paid $47.5
Baltimore City South 1,627,545 14.6% 14.2% 6.7% -20,899 -108,751 $31.12 $31.42 $24.43 million, or $162/sf.
Baltimore City West 2,063,827 30.5% 30.4% 34.6% -2,756 -37,766 $16.68 $16.68 $14.20 Heritage Properties sold the 67,000 sf 999 Corporate
Baltimore City 10,836,264 11.2% 10.9% 11.6% -84,359 -113,898 $21.59 $21.49 $18.71 Boulevard office building in Linthicum for $10.4 million to
999 Corporate Blvd., LLC, an affiliate of Goodier Property
City Center A 3,122,337 23.9% 24.8% 25.7% -16,243 -52,162 $24.65 $24.61 $25.09 Group.
City Center A+ 5,883,444 7.4% 8.2% 5.9% 6,919 8,722 $30.62 $31.14 $29.24 New Jersey-based Becker Group purchased 7240
City Center B 2,632,299 29.1% 28.4% 32.4% -19,548 6,181 $17.75 $17.28 $17.68 Parkway Drive in Hanover, an approximate 85,000 sf
office building, for $6.25 million. The building traded at
City Center B+ 2,946,411 16.5% 17.4% 10.9% 7,465 -9,345 $23.24 $22.78 $23.13
about 14% vacant.
City Center 14,584,491 16.7% 17.2% 16.1% -21,407 -46,604 $23.67 $23.47 $23.28
Armada Hoffler Properties, Inc. has acquired the Thames
Baltimore + CBD 25,420,755 14.4% 14.5% 14.2% -105,766 -160,502 $23.01 $22.82 $21.74 Street Wharf office building located in the Harbor Point
Baltimore County East 2,077,579 13.7% 16.3% 12.9% 48,739 32,791 $23.13 $22.56 $21.67 development for $101 million. The building is anchored
by Morgan Stanley and Johns Hopkins Medicine which
Baltimore County West 3,285,959 12.1% 14.2% 12.3% 69,073 30,629 $19.20 $18.90 $19.90 together leases 92% of the property’s 263,426 rentable
Harford County 3,678,578 19.1% 19.3% 20.7% -9,750 66,532 $23.25 $23.22 $21.34 square feet. The building is currently 100% occupied.
I-83 Corridor 8,574,666 6.9% 8.6% 8.4% 94,455 109,542 $22.14 $21.64 $20.88 GBMC Health Partners, a multi-specialty medical group
of GBMC-employed providers, signed a lease for 13,766
Reisterstown Rd Corridor 5,201,147 16.4% 16.9% 17.3% -5,254 -29,122 $22.52 $21.93 $20.97
sf of space within Padonia Village, a nearly 115,000 sf
Towson 5,153,596 13.1% 13.6% 11.9% 22,655 -65,953 $20.92 $20.81 $20.99 neighborhood shopping center located at 61 E. Padonia
Northern Metro 27,971,525 12.5% 13.7% 13.2% 219,918 144,419 $21.80 $21.62 $20.97 Road in Timonium, MD. The healthcare organization intends
to operate a new Advanced Primary Care practice
Annapolis 4,515,681 9.4% 10.2% 8.1% 4,864 16,666 $28.46 $28.92 $27.91 containing physician practice groups in the space formerly
BWI 8,772,022 12.2% 12.2% 14.1% -40,391 56,079 $27.47 $27.23 $27.14 occupied by Padonia Ale House, with an anticipated 2020
opening.
Columbia 13,949,716 7.9% 11.2% 9.6% 385,627 398,058 $25.14 $25.49 $25.63
Leaves Behavioral Services, an organization dedicated to
Route 2 Corridor 1,256,283 13.8% 13.8% 12.1% -805 -14,559 $21.53 $21.22 $21.19 helping people with social, communication, and behavioral
Southern Metro 28,493,702 9.7% 11.5% 10.9% 349,295 456,244 $26.15 $26.31 $26.18 challenges grow and succeed, has signed a lease for 10,030
Totals 81,885,982 12.1% 13.2% 12.7% 463,447 440,161 $23.52 $23.50 $22.85 sf at 8098 Sandpiper Drive in White Marsh, Maryland.
*This is a sampling of our represented tenants in the market. The section is updated quarterly. If you’d like your business to be included, please let us know.
© 2019, MacKenzie Commercial Real Estate Services, LLC | 4
OFFICE OVERVIEW (CONTINUED) SECOND QUARTER | 2019
Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent
OFFICE INDICATORS 81,885,982 1,222 463,447 440,161 12.1% $23.52
DIRECT VACANCY NET ABSORPTION ASKING RENTAL RATES (Weighted, Full Service)
16.0% 1,000,000 $24.00
This quarter, direct vacant space decreased, equaling 9,936,839 Quarterly absorption was approximately 463,447 sf. For 2019 Asking rental rates averaged $23.52/sf this quarter, weighted by
sf out of the total 81,885,982 sf market size. This resulted in a year-to-date, tenant movement in the area shows an overall a total available space of 13,073,090 sf. This is approximately
-1.05% change from 13.19% to 12.13%. Compared to this time positive absorption, totaling 440,161 sf. Comparatively, at this $0.02/sf higher than last quarter ($23.50/sf), and $0.68/sf
last year, vacancy rates are down by -0.56%. time last year, absorption was around 85,632 sf. higher than last year ($22.85/sf).
Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent (NNN)
RETAIL INDICATORS 136,420,671 10,055 72,160 281,525 4.0% $19.64
Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent (NNN)
RETAIL INDICATORS 136,420,671 10,055 72,160 281,525 4.0% $19.64
7.0% $20.50
1,000,000 $20.00
6.0%
$19.50
5.0% 500,000 $19.00
4.0% $18.50
3.0% 0 $18.00
$17.50
2.0%
-500,000 $17.00
1.0% $16.50
0.0% -1,000,000 $16.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
This quarter, direct vacant space decreased, equaling 5,443,982 Quarterly absorption was approximately 72,160 sf. For 2019 Asking rental rates averaged $19.64/sf this quarter, weighted by
sf out of the total 136,420,671 sf market size. This resulted in a year-to-date, tenant movement in the area shows an overall a total available space of 8,041,116 sf. This is approximately
-0.10% change from 4.09% to 3.99%. Compared to this time last positive absorption, totaling 281,525 sf. Comparatively, at this $0.35/sf lower than last quarter ($20.00/sf), and $0.77/sf lower
year, vacancy rates are up by 0.12%. time last year, absorption was around -150,639 sf. than last year ($20.41/sf).
INDUSTRIAL Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent*
INDICATORS 232,486,164 4,381 52,110 975,348 7.5% $6.29
MARKET OUTLOOK
The Baltimore industrial market is booming as vacancy rates continue to drop along with rising asking rents. Both Tradepoint Atlantic and HIGHLIGHTS & TRENDS
the Principio Business Park continue to see the recognizable tenants in the market as a result of availability to develop large blocks of class
A distribution warehouse space. From a development standpoint, the last two quarters have been the strongest in Baltimore’s history. As Local private investment company Nellis Corp.
the retail market continues to see a change due to ever-changing consumer habits, the industrial market will continue to flourish driven by purchased two industrial buildings totaling 60,525
increasing e-commerce spending, therefore requiring the need for more space. We will continue to demand for build-to-suit opportunities sf in Millersville, Maryland, from Polm Cos. for $4.77
for large blocks of space leading developers/investors to find other opportunities for their future runways. million, or about $79/sf. The single-story structures
named The Concourse at 301-303 Najoles Road
comprise 28 loading docks, two drive-in bays and 20-
foot clear ceiling heights.
MARKET DIRECT VACANCY % ABSORPTION ASKING RENTAL RATES*
THE NUMBERS Ace Logistics, a Baltimore-based provider of
SIZE Current Prior Qtr Prior Yr Net YTD Current Prior Qtr Prior Yr warehouse and logistics services, renewed its 169,000
sf lease and signed a new lease for 182,000 sf for
Annapolis/Route 2 5,973,142 9.3% 6.4% 6.5% -28,085 -110,987 $13.67 $13.54 $12.50 an adjacent build-to-suit warehouse at Duke Realty
Arbutus 2,146,066 6.6% 10.1% 4.4% 66,747 -19,138 $11.49 $11.49 $8.00 Corp.’s Chesapeake Commerce Center, a 177-acre
industrial campus off I-95 in Baltimore.
Baltimore City 5,791,387 7.6% 5.9% 6.8% -98,352 -80,552 $9.40 $9.48 $8.68
Baltimore County East 4,041,113 7.6% 6.2% 6.3% 40,074 21,457 $10.26 $10.26 $11.27 The industrial market on the Interstate 95 corridor is
slated to grow by 750,000 sf. The development of
BW Corridor 18,030,924 6.8% 6.9% 6.7% 18,030 -45,298 $12.71 $12.77 $12.79 a Class A, $60 million Nottingham Ridge Logistics
Carroll County 1,662,648 6.4% 9.3% 9.9% 23,135 61,354 $7.61 $11.29 $12.29 Center located off Route 43 in White Marsh began
this quarter. The project is located on a site once
Harford/Cecil 3,158,562 9.2% 8.7% 7.2% -31,397 -51,975 $12.96 $12.88 $10.91
planned for the Paragon Outlets Baltimore Mall just
I-83 Corridor 5,336,430 3.1% 2.6% 2.2% -25,873 -42,119 $9.14 $8.85 $10.17 off I-95. Atapco Properties and Chesapeake Real
Reisterstown Road 2,989,805 12.7% 14.6% 12.8% 24,925 25,779 $10.29 $10.85 $10.74 Estate Group purchased the 52-acre parcel in mid-
2018 for $15 million. The partners are developing
Woodlawn 2,477,556 6.2% 5.0% 5.0% -29,367 -22,565 $7.32 $7.18 $8.67 two large-scale warehouses there on spec for a new
Flex Totals 51,607,633 7.3% 6.9% 6.5% -40,163 -264,044 $11.23 $11.43 $11.19 e-commerce logistics center.
Annapolis/Route 2 8,868,754 7.3% 9.0% 8.2% -240,126 -235,047 $6.44 $6.35 $5.86 Anne Arundel County’s Curtis Bay Industrial Park
Arbutus 7,555,569 5.8% 4.2% 5.8% -119,061 -128,329 $3.78 $3.78 $3.64 will add a second, 340,000 sf warehouse facility
this year according to developers Chesapeake Real
Baltimore City 40,685,073 4.6% 4.4% 5.6% -18,338 308,148 $5.00 $4.95 $4.87 Estate Group and EverWest Real Estate Investors. The
Baltimore County East 27,294,004 17.4% 17.0% 18.2% -109,054 -49,229 $2.95 $3.10 $3.03 group is building the warehouse on spec as part of its
ongoing partnership that began in early 2017 when it
BW Corridor 44,963,090 6.4% 8.0% 7.7% 259,113 929,256 $6.89 $6.81 $6.13 acquired 138 acres from Exelon Corp. for $6.7 million.
Carroll County 7,565,314 8.4% 9.0% 7.3% 42,995 39,779 $6.26 $6.33 $5.56
Two investment groups purchased warehouses on the
Harford/Cecil 36,646,230 6.3% 4.1% 5.3% 336,746 422,894 $4.76 $4.82 $4.99 Interstate 95 corridor in the Howard County towns of
I-83 Corridor 4,355,187 3.2% 4.1% 2.9% 5,650 -14,976 $7.46 $7.08 $7.45 Jessup and Elkridge for more than $25 million. STAG
Industrial purchased a 167,490 sf facility at 6685
Reisterstown Road 1,675,971 1.9% 2.1% 1.9% 3,375 35,975 $8.97 $8.97 $8.88 Santa Barbara Court in Jessup for $13.25 million last
Woodlawn 1,269,339 7.3% 1.9% 8.6% -69,027 -69,079 $5.32 $6.99 $7.40 month. Another warehouse was sold to TA Realty at
8250 Preston Court for $12.2 million.
Warehouse Totals 180,878,531 7.6% 7.5% 8.1% 92,273 1,239,392 $4.85 $4.94 $4.74
Totals 232,486,164 7.5% 7.4% 7.7% 52,110 975,348 $6.29 $6.26 $6.09
*Rental rates are based on NNN asking rates for flex properties, and gross rates for warehouse properties. Averages are weighted based on available space. © 2019, MacKenzie Commercial Real Estate Services, LLC | 8
INDUSTRIAL OVERVIEW (WAREHOUSE) SECOND QUARTER | 2019
WAREHOUSE Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent (Gross)
INDICATORS 180,878,531 3,028 92,273 1,239,392 7.6% $4.85
This quarter, direct vacant space increased, equaling 13,767,188 Quarterly absorption was approximately 92,273 sf. For 2019 Asking rental rates averaged $4.85/sf this quarter, weighted by
sf out of the total 180,878,531 sf market size. This resulted in a year-to-date, tenant movement in the area shows an overall a total available space of 18,741,134 sf. This is approximately
0.08% change from 7.53% to 7.61%. Compared to this time last positive absorption, totaling 1,239,392 sf. Comparatively, at this $0.09/sf lower than last quarter ($4.94/sf), and $0.10/sf higher
year, vacancy rates are down by -0.47%. time last year, absorption was around 2,026,030 sf. than last year ($4.74/sf).
Market Size Building Count Absorption YTD Absorption Vacancy Asking Rent (NNN)
FLEX INDICATORS 51,607,633 1,353 -40,163 -264,044 7.3% $11.23
This quarter, direct vacant space increased, equaling 3,773,247 Quarterly absorption was approximately -40,163 sf. For 2019 Asking rental rates averaged $11.23/sf this quarter, weighted by
sf out of the total 51,607,633 sf market size. This resulted in a year-to-date, tenant movement in the area shows an overall a total available space of 5,476,404 sf. This is approximately
0.40% change from 6.91% to 7.31%. Compared to this time last negative absorption, totaling -264,044 sf. Comparatively, at this $0.20/sf lower than last quarter ($11.43/sf), and $0.04/sf
year, vacancy rates are up by 0.82%. time last year, absorption was around 159,017 sf. higher than last year ($11.19/sf).
Disclaimer:
All information furnished regarding property for sale, rent, exchange or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and all such information is submitted subject to errors, omissions,
or changes in conditions, prior sale, lease or withdrawal without notice. All information should be verified to the satisfaction of the person relying thereon. Portions of the base statistics are from CoStar Property data and Real Capital
Analytics (RCA). To learn more about our methodology, research team, or to access previous market reports, please visit our webpage: https://www.mackenziecommercial.com/market-report/. To join our Market Report mailing list, please
send us an email: Media@MacKenzieCommercial.com.
About Us:
MacKenzie Ventures, LLC (MacKenzie) possesses the multi-disciplined team necessary to excel in Maryland’s corporate real estate community. Comprising seven firms, MacKenzie provides clients a competitive, full service platform of of-
ferings in leasing, sales, investment sales, tenant and landlord advisory services, corporate and business consulting, commercial and residential development, general construction, property and asset management, debt and equity capital
placement, and market research. With more than 225 employees and offices in Annapolis, Baltimore, Bel Air, Columbia, and Lutherville, Maryland, MacKenzie is one of the largest full service commercial real estate firms in the Mid-Atlantic.