Industrial Space Becomes Scarce in Baltimore

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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.