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Washington DC  + Baltimore  + Industrial  | 
Aerial view of shipping containers and loading cranes at the Seagirt Marine Terminal, Port of Baltimore

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.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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