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Mixed news for corridor office market
Towson-based commercial real estate brokerage firm NAI KLNB’s Baltimore/Washington corridor office market mid-year report shows some positive trends and some worrying trends as well.
Class A office vacancy rates fell in Anne Arundel (10.1 percent) and Howard counties (11.9 percent). According to a news release about the study, those numbers follow a five-year and three-year trend respectively.
But Prince George’s County vacant rate increased 25.9 percent. That is the first time the vacancy rate has gone up in that county in four years.
Vacancy rates for Class B office space still remained higher than Class A properties in Anne Arundel (14.2 percent) and Howard counties (12.3 percent). Prince George’s County’s Class B vacancy rates were actually lower (20.5 percent).
Class A net absorption rates:
- Anne Arundel County: + 122,834 square feet
- Howard County: + 321,862 square feet
- Prince George’s County: – 560,587 square feet
The Class B net absorption rates:
- Anne Arundel: – 26,872 square feet
- Howard County: + 104,746 square feet
- Prince George’s County: + 166,131 square feet
