Colliers Releases Q4 Market Reports for Baltimore
The Baltimore Metro Area Class A office market continued to show positive net absorption for 2012, holding vacancy rates steady throughout the year even as new buildings have continued to be delivered. These are signs that the regional market is recovering, though not at the rate that was expected.
Economic growth in the Baltimore region will likely be “up and down” for the next several quarters, as businesses and investors wait to see what happens with the “fiscal cliff” and federal spending cuts.
Overall industrial vacancy rates decreased from 11.5% to 11.1% as absorption went positive for the first time since the first quarter of 2012.
Vacancy rates for class A distribution warehouse facilities over 250,000 sf is currently only 8.8%, and that rate is expected to sharply decline to less than
6% by the end of 2014, which will create opportunities for developers.