The Baltimore metro area industrial market remained hot through the second quarter of this year, according to a recent report from Newmark Knight Frank.
The property sector has seen heavy demand in recent years driven by the needs of e-commerce for shipping hubs. The Baltimore area, in large part because of its access to the Port of Baltimore and Interstate 95, has helped push demand for industrial space.
Key points from the report:
- Overall vacancy rate declined in the second quarter falling to 8.2 percent, down 60 basis points from the previous quarter.
- Net absorption in the second quarter hit 1.3 million square feet compared to 572,763 square feet to start the year.
- Average asking rental price in the second quarter fell to $5.12-square-foot triple-net, down from $5.14 a year earlier.