- While still the lowest in the region, median household income in Baltimore City rose by 4.8% annually in the latest census data released earlier this month. Gentrifying neighborhoods and a robust multi-family pipeline have pushed median household income from $38,738 in 2009 to $44,262 in 2016. The overall population base in the city has remained flat, but the number of household earning over $75,000 has risen by 15,337 since 2009.
- At $113,800, Howard ranked as the 4th wealthiest county in the country, and has led the metro area in office dynamics as well. Vacancy in Howard County finished Q3 at 9.9% on 150,808 s.f. of net absorption to date. New construction has helped push average asking rental rates in Howard up 5.8% year-over-year.
- Following an influx of residents associated with the last round of Base Realignment and Closure (BRAC), income growth has slowed across Harford County, and even turned slightly negative in 2015. The county has lagged in office performance as well, with a Class A vacancy rate over 40%.
- On the heels of delivering multi-family projects, improving demographics in Baltimore City may lead to additional retail and office demand.
