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Cassidy

Cassidy

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Published by rajusme

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Published by: rajusme on Jul 11, 2013
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07/11/2013

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Baltimore Industrial Market Slows Slightly in Second Quarter 
  After experiencing almost 1.2 million square feet of positive absorptionin the first quarter, the Baltimore Industrial market slowed in thesecond quarter. Less than 65,000 square feet of positive absorption inthe second quarter caused the vacancy rate to inch down from11.67% to 11.59%. Overall average rents in the market havedecreased and currently stand at $5.32 per square foot.The Northern Baltimore-Washington Corridor submarket continues todrive the bulk of the activity in the Baltimore Industrial market. Almost240,000 square feet of positive absorption in the second quarter hasreduced the Corridor vacancy rate to 11.70%. The submarket hasexperienced more than a half million square feet of positive absorptionyear-to-date. This activity has been well spread amongst the 29industrial parks included in the submarket; 23 have experiencedpositive absorption in either the first quarter, second quarter or both.This submarket also continues to attract institutional investors.Several deals closed in the second quarter totaling almost $60 millionin transactional volume.Harford and Cecil Counties continues to experience demand for bulkwarehouse inventory. Pier One Imports, Inc. leased almost 350,000square feet in Aberdeen, adding to the more than 800,000 square feetleased by U.S. Lumber Company and Kenco in the first quarter.Unfortunately, the Pier One lease was significantly offset by negativeabsorption in the Baltimore City East and Baltimore County Eastsubmarkets. Almost 250,000 square feet of negative absorption inthese two submarkets contributed the most to the overall flatabsorption experienced by the Baltimore Industrial market in thesecond quarter.Development activity continues in 2013 at a pace unseen in previousyears. The two projects that delivered in the first quarter, totaling734,275 square feet, are already fully leased. More than 1 millionsquare feet is currently under construction, predominantly focused onthe Corridor and Harford County submarkets. The submarkets closestto Baltimore City lack the available land to facilitate construction anddevelopers have been satisfied with the opportunities available farther 
2013 Q2 Industrial NorthMarket ReviewClick to View2013 Q2 Industrial SouthMarket ReviewClick to View2013 Q2 IndustrialInteractive MapClick to View
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