Insights
Maryland
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VACANCY
Apartment
The average Vacancy Rate was 3.5% in the Baltimore metro
- No vacancy change since Q1 2023 in the Baltimore metro.
- The Baltimore metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 3.7% in the Baltimore metro.
Distribution / Warehousing
The average Vacancy Rate was 3.6% in the Baltimore metro
- Vacancy in the Baltimore metro drifted downward by 10 basis points.
- The Baltimore metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 3.6% in the Baltimore metro.
Flex / R&D
The average Vacancy Rate was 5.7% in the Baltimore metro
- Vacancy in the Baltimore metro fell by 110 basis points.
- The Baltimore metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 5.6% in the Baltimore metro.
Office
The average Vacancy Rate was 17.7% in the Baltimore metro
- Vacancy in the Baltimore metro declined by 60 basis points.
- Vacancy is expected to finish 2023 at 17.8% in the Baltimore metro.
Retail
The average Vacancy Rate was 8.5% in the Baltimore metro
- Vacancy in the Baltimore metro drifted upward by 20 basis points.
- The Baltimore metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 8.3% in the Baltimore metro.
RENT
Apartment
The average Asking Rent was $1,493 in the Baltimore metro
- Rent in the Baltimore metro was up 0.8% from Q1 2023.
- Rent is expected to finish 2023 at $1,512 in the Baltimore metro.
Distribution / Warehousing
The average Asking Rent was $7.14 in the Baltimore metro
- The Baltimore metro had the second fastest rent growth in the nation, behind only Boise.
- Rent Has risen for eight consecutive quarters in the Baltimore metro.
- Rent is expected to finish 2023 at $7.40 in the Baltimore metro.
Flex / R&D
The average Asking Rent was $11.85 in the Baltimore metro
- The Baltimore metro had the second fastest rent growth in the nation, behind only Baltimore.
- Baltimore metro had its fastest rent rate of increase in four quarters.
- Rent Has risen for eleven consecutive quarters in the Baltimore metro.
Office
The average Asking Rent was $26.21 in the Baltimore metro
- Rent in the Baltimore metro was up 0.7% from Q1 2023.
- Baltimore metro had its fastest rent rate of increase since Q2 2019.
- Rent is expected to finish 2023 at $26.33 in the Baltimore metro.
Retail
The average Asking Rent was $25.15 in the Baltimore metro
- Rent in the Baltimore metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $25.29 in the Baltimore metro.
VACANCY
Apartment
The average Vacancy Rate was 3.5% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 30 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 4.1% in the Suburban Maryland market.
Distribution / Warehousing
The average Vacancy Rate was 4.1% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 20 basis points.
- The Suburban Maryland market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 4.3% in the Suburban Maryland market.
Flex / R&D
The average Vacancy Rate was 4.8% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted downward by 30 basis points.
- The Suburban Maryland market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 4.7% in the Suburban Maryland market.
Office
The average Vacancy Rate was 18.2% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market fell by 50 basis points.
- Vacancy is expected to finish 2023 at 18.4% in the Suburban Maryland market.
Retail
The average Vacancy Rate was 7.7% in the Suburban Maryland market
- Vacancy in the Suburban Maryland market drifted upward by 10 basis points.
- The Suburban Maryland market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 7.7% in the Suburban Maryland market.
RENT
Apartment
The average Asking Rent was $1,765 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.7% from Q1 2023.
- Suburban Maryland market had its fastest rent rate of increase in four quarters.
- Rent is expected to finish 2023 at $1,797 in the Suburban Maryland market.
Distribution / Warehousing
The average Asking Rent was $10.36 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 1.9% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Suburban Maryland market.
- Rent is expected to finish 2023 at $10.68 in the Suburban Maryland market.
Flex / R&D
The average Asking Rent was $15.73 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 2.5% from Q1 2023.
- Rent has risen in every quarter since Q2 2013 in the Suburban Maryland market.
- Rent is expected to finish 2023 at $16.28 in the Suburban Maryland market.
Office
The average Asking Rent was $30.97 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.6% from Q1 2023.
- Rent is expected to finish 2023 at $31.11 in the Suburban Maryland market.
Retail
The average Asking Rent was $28.01 in the Suburban Maryland market
- Rent in the Suburban Maryland market was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $28.20 in the Suburban Maryland market.
VACANCY
Apartment
The average Vacancy Rate was 4.7% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted upward by 20 basis points.
- Vacancy is expected to finish 2023 at 5.1% in the Suburban Virginia market.
Distribution / Warehousing
The average Vacancy Rate was 2.3% in the Suburban Virginia market
- The Suburban Virginia market had the seventh lowest vacancy in the nation and the ninth lowest in the South Atlantic.
- Vacancy in the Suburban Virginia market drifted upward by 30 basis points.
- Vacancy is expected to finish 2023 at 2.3% in the Suburban Virginia market.
Flex / R&D
The average Vacancy Rate was 5.2% in the Suburban Virginia market
- No vacancy change since Q1 2023 in the Suburban Virginia market.
- The Suburban Virginia market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 5.1% in the Suburban Virginia market.
Office
The average Vacancy Rate was 20.6% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted upward by 30 basis points.
- The Suburban Virginia market had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2023 at 21.0% in the Suburban Virginia market.
Retail
The average Vacancy Rate was 6.1% in the Suburban Virginia market
- The Suburban Virginia market had the second lowest vacancy in the nation, behind only San Francisco.
- Vacancy in the Suburban Virginia market drifted upward by 10 basis points.
- Vacancy is expected to finish 2023 at 6.1% in the Suburban Virginia market.
RENT
Apartment
The average Asking Rent was $2,125 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.5% from Q1 2023.
- Rent is expected to finish 2023 at $2,163 in the Suburban Virginia market.
Distribution / Warehousing
The average Asking Rent was $11.53 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 1.9% from Q1 2023.
- Rent Has risen for ten consecutive quarters in the Suburban Virginia market.
- Rent is expected to finish 2023 at $11.93 in the Suburban Virginia market.
Flex / R&D
The average Asking Rent was $15.42 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 2.3% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Suburban Virginia market.
- Rent is expected to finish 2023 at $16.02 in the Suburban Virginia market.
Office
The average Asking Rent was $35.52 in the Suburban Virginia market
- Rent in the Suburban Virginia market was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $35.79 in the Suburban Virginia market.
Retail
The average Asking Rent was $30.61 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $30.85 in the Suburban Virginia market.
VACANCY
Distribution / Warehousing
Average Vacancy Rate 6.2%
- Fell by 130 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2018 at.
RENT
Distribution / Warehousing
Average Asking Rent $6.77
- Up 1.2% from Q2 2018.
- Expected to finish 2018 at.