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Warehouse vacancy moves far below long-term average in Baltimore’s primary industrial submarkets

  • ​Baltimore’s warehouse market generated a record 6.3 MSF of net absorption in 2017, which has driven vacancy rates in key submarkets far below their historical averages. The I-95 North submarket has seen the most drastic reduction in vacancy, where the current vacancy rate is less than half of the long-term average of 11.1 percent. To the south, the increasingly land constrained BW Corridor saw direct vacancy drop below 10 percent for the first time since 2008.

  • Tightening market conditions have led developers to  move  forward on speculative development. The current construction pipeline for warehouse product stands at 5.2 MSF and is only 27.0 percent preleased. In comparison, Baltimore’s 4.1 MSF of deliveries in 2017 were 88.8 percent leased. The influx of new supply will give tenants much needed options in key submarkets, and will continue to shift rental rates upwards.​​

Source: JLL Research

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