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Economy
BALTIMORE OFFICE
Economic Indicators
12-Month
Forecast
Q4 13
Q4 14
Baltimore Employment
1.36M
1.37M
Baltimore Unemployment
6.9%
5.6%
U.S. Unemployment
7.2%
5.8%
Q4 13
Q4 14
Overall Vacancy
16.6%
15.7%
Market Overview
Net Absorption
251K
157K
Under Construction
1.4M
1.7M
$22.72
$22.41
Market Indicators
12-Month
Forecast
$23
300,000
$23
100,000
-100,000
$22
-300,000
$22
-500,000
$21
-700,000
2010
2011
2012
Net Absorption
2013
2014
Overall Vacancy
21%
20%
19%
Historical Average = 18.1%
18%
17%
16%
15%
2010
2011
2012
2013
2014
BALTIMORE
25%
20%
15%
10%
7.50%
5%
0%
25.00%
20.00%
$24.28
$24.00
15.00%
12.96%
10.00%
$21.00
2007
2008
2009
2010
Vacancy %
Outlook
R
ent growth has lagged behind consistent absorption;
the next few years should see rent begin to catch up.
T
he construction pipeline should see a greater number
of projects reach groundbreaking.
V
acancy rates have become extremely low in several
submarkets; expect absorption to begin spilling into
neighboring areas where gluts of space still remain.
Several large deals signed in 2014 will result in an
increased amount of net positive absorption in 2015.
$23.00
$22.00
5.00%
0.00%
$25.00
2011
2012
2013
2014
$20.00
Average Rent
2011
Baltimore Metro
2012
2013
2014
Downtown
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BALTIMORE
TOTAL
BLDGS
INVENTORY
SUBLET
VACANT
DIRECT
VACANT
VACANCY
RATE
AVERAGE
AVERAGE
CURRENT NET
YTD NET
UNDER
ASKING RENT ASKING RENT
ABSORPTION ABSORPTION CONSTRUCTION
(ALL CLASSES)
(CLASS A)
SUBMARKET
BWI Airport
162
11,400,739
16,899
1,597,555
14.16%
15,175
134,733
245,000
$25.70
$29.41
Baltimore City
166
20,875,455
281,670
3,493,599
18.08%
-8,720
92,014
729,006
$20.62
$26.42
94
3,888,168
2,580
462,474
11.96%
28,430
76,673
125,000
$25.82
$28.72
36
2,076,667
35,066
664,851
33.70%
-6,857
71,543
$29.92
$29.92
Howard County
317
17,701,928
108,680
2,089,064
12.42%
51,826
409,312
360,000
$23.38
$26.76
Suburban North
230
13,647,995
22,251
1,804,410
13.38%
59,828
220,886
43,568
$22.25
$23.03
Suburban West
151
7,993,058
10,937
1,549,624
19.52%
17,161
89,679
232,000
$19.72
$21.77
328
34,688,169
200,038
4,466,725
13.45%
41,130
542,675
1,274,336
$26.36
Class B
828
42,895,841
278,045
7,194,852
17.42%
115,713
552,165
335,238
$20.05
1,156
77,584,010
478,083 11,661,577
15.65%
156,843
1,094,840
1,734,574
$22.72
PRICE
SUBMARKET
Total
Office asking rents converted to Full Service
SF
TENANT
TRANSACTION TYPE
SUBMARKET
109,156
OneMain Financial
Lease
Baltimore City
111,583
Sourcefire
Lease
Howard County
21,808
Riverside Health
Lease
Suburban North
SF
SELLER/BUYER
699,231
202,838
$18,500,000
Baltimore City
180,475
$13,000,000
Suburban West
29,274
$130,000,000
$6,200,000
Howard County
Suburban North
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BALTIMORE
PENNSYLVANIA
MARYLAND
Office Submarkets
BALTIMORE
COUNTY
CECIL
COUNTY
us
que
CARROLL
COUNTY
Baltimore
han
DE
aR
iv
er
HARFORD
COUNTY
Harford
County
Suburban
West
Suburban
North
El
kR
iv
er
Downtown
KENT
COUNTY
Baltimore
Howard
County
Patapsco
River
MONTGOMERY
COUNTY
BWI
Airport
PRINCE
GEORGE'S
COUNTY
Washington D.C.
VA
Greater
Annapolis
Area
Chesapeake
Bay
Kent
Island
QUEEN
ANNE'S
COUNTY
CAROLINE
COUNTY
ANNE ARUNDEL
COUNTY
About DTZ
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors
around the world with a full spectrum of property solutions. Our core capabilities include agency leasing,
tenant representation, corporate and global occupier services, property management, facilities
management, facilities services, capital markets, investment and asset management, valuation, building
consultancy, research, consulting, and project and development management. DTZ manages 3.3 billion
square feet and $63 billion in transaction volume globally on behalf of institutional, corporate, government
and private clients. Our more than 28,000 employees operate across more than 260 offices in more than
Matthew Myers
Senior Research Analyst
100 Light Street
Suite 1400
Baltimore, MD 21202
Tel: 410 347 4808
Fax: 410 576 9031
Email: matthew.myers@dtz.com
50 countries and proudly represent DTZs culture of excellence, client advocacy, integrity and collaboration.
For further information, visit: www.DTZ.com or follow us on Twitter @DTZ.
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