Search
 

Industrial Space Becomes Scarce in Baltimore

BALTIMORE,MD-Asking rental rates, which are currently $5.30 per sf, are expected to rise 5% in 2007.

By Erika Morphy | Updated on November 01, 2006

(To read more on the industrial market, click here.)

BALTIMORE, MD-Four leases signed in the Baltimore industrial market last month absorbed some 750,000 sf of space, leaving just over 3 million sf available. That is a very small amount for such a robust market, Edward Harris, first vice president of CB Richard Ellis’ Industrial Group tells GlobeSt.com. He expects to see rental rates rise from the current asking rate of $5.30 per sf. by some 5% next year.

Industrial space in the Baltimore Washington Corridor, which spans Howard and Anne Arundel Counties in Maryland, has been tight for some time, as companies jockey for space that is as close as possible to the Washington market and as the Baltimore-Washington International Airport become more and more active. The leases inked last month by Under Armour, Metro Logistics, American Wood Moulding and Recall Total Information Management pushed vacancy rates down even further, from 9% at the end of Q3 to less than 8% for only the second time in more than ten years, according to data released today by CB Richard Ellis Baltimore Industrial Group. Furthermore CBRE expects to see another 300,000 sf of industrial space signed by year end.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.