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Demand for Baltimore Class A Warehouse Space Soars 15% from Q4 2020
Another robust holiday sales season and a new variant of COVID-19 have further highlighted the importance and demand for industrial and logistics real estate across the continental US, according to the Baltimore Industrial Market Q4 2021 report from CBRE. Baltimore’s industrial market alone has reached record low vacancy rates and explosive rent growth over the past two years, fueled by a massive shift in consumer spending habits.
Leasing activity remained consistently robust throughout the year, averaging 4.5 million square feet per quarter. Gross leasing volume totaled 4.6 million square feet in Q4, and 18.1 million square feet in 2021, surpassing pre-pandemic levels.
With 1.9 million square feet of occupancy growth in Q4, net absorption surpassed the 7-million square-foot mark in 2021, making it the second-highest year on record behind 2019. Demand for Class A warehouse space continues to outpace supply in every submarket, sending rental rates up more than 15% from a year ago.
- ◦Economy
