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News release


Absorption, Rental Rates Rise in Baltimore Industrial Market

Vacancy rate in industrial market up slightly due to new deliveries

BALTIMORE, SEPTEMBER 14, 2015 - Mid-range industrial users have delivered rental rate increases and positive net absorption to the greater Baltimore industrial market, even with a slight uptick in vacancy due to new deliveries, according to research analysis from JLL.

“There is steady velocity of tenants in the market, especially those with requirements between 20,000 and 100,000 square feet,” said Ben Meisels, Senior Vice President in the Baltimore office of JLL, adding that the tenant profile for firms in the market is broad-based.

The market’s development pipeline has dropped to 1.5 million square feet, down from 4.3 million square feet in the second quarter of 2014, as more than 1.1 million square feet of product has delivered this year.

“Companies in this market migrate to good buildings, and the speculative deliveries over the next six-to-12 months will be top-of-the-line,” added Meisels. “Some large tenants have been kicking the tires for as long as 12 months, and it’s not unusual to see real estate decisions pick up in the fall.”

Baltimore industrial market stats:
• Industrial inventory: 187,004,330 SF
• Current vacancy: 9.4 percent
• YTD net absorption: 866,279 SF
• Under construction: 1,506,013 SF
• Preleased under construction: 28.2 percent

The Baltimore/Washington Corridor and the Baltimore County East submarkets have seen the bulk of the market’s industrial development activity and leasing, leading landlords in those submarkets to steadily push asking rates.

Rental rates for industrial buildings have slipped in the Baltimore Southwest and Baltimore West submarkets, which are comprised of primarily Class B and Class C inventory, while limited leasing activity has kept rental rates steady in the I-95 North submarket.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit