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Industrial absorption continues at record pace with another strong quarter

  • ​Net absorption increased for the fourth consecutive quarter, pushing to a new quarterly record at more than 3 MSF during Q3. Recent absorption has been driven by new development, as projects such as Tradepoint Atlantic in Baltimore County East, and Principio Business Park in Cecil County, continue to mature.
  • These developments delivered more than 2 MSF of pre-leased new construction, including a 1.3 MSF warehouse for Under Armour at Tradepoint Atlantic, and a 750,000 SF build-to-suit warehouse for Lidl at Principio.
  • Net absorption increased 45% over the second quarter, which had previously set the high water mark for quarterly absorption.
  • Absorption was also aided by significant leasing velocity in the Baltimore-Washington Corridor, with over 300,000 square feet of absorption this quarter, comprised largely of small and mid sized leases.
  • Development along the Northern I-95 markets will likely continue to drive additional supply, and runway for occupancy growth in coming quarters.​
Source: JLL Research

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