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Supply Pressure Peaking in Washington County
as Operations Tighten in Established Areas
Outlook improving in Hagerstown and metro at large. Following a soft first quarter, net absorption across Washington, D.C., hit a three-year high between April and June. Conair’s move into a new 2.1-million-square-foot Hagerstown distribution center helped boost the overall metric, and was the first of three 1 million-square-foot-plus move-ins slated here for 2024. These leases are the initial step toward resolving the submarket’s supply overhang. The industrial stock in Washington County, which encompasses Hagerstown, has expanded 60 percent over the past five years. These move-ins, paired with no notable active construction as of July, should help the submarket stabilize over time. As the area accounted for 40 percent of the metro’s total vacant stock as of June, improvements here will have a measurable impact on metrowide fundamentals