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Market Report

Baltimore Industrial Investment Forecast

2019 Outlook

More Distributors Move to Baltimore County as Fewer Completions Lower Vacancy and Lift Rents

 

Reduced construction pipeline paves way for vacancy and rent improvements. The opening of new Amazon and Under Armour distribution centers in Sparrows Point last year contributed to the swell in development activity. Fewer projects are underway in 2019, the largest of which totals 500,000 square feet and is located in Aberdeen. The area offers convenient access to Baltimore and Philadelphia via Route 40 and is situated inside an opportunity zone. Similar reasons are behind the finalization of 350,000 square feet in close-by Edgewood. Nearly as much space will open in Glen Burnie, about 6 miles from BWI airport. Minimal completions elsewhere support a drop in the metro vacancy rate for the sixth time in eight years. Availability near 3 percent aids rent growth along the I-83 Corridor and in Southern Anne Arundel. New biotechnology businesses drive demand for research and development space in Columbia, supporting above-market appreciation here as well.

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