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Market Report

Baltimore Industrial Market Report

2023 Investment Forecast

Slowing Development and Growing Life Sciences Sector Help
Keep Industrial Fundamentals Tight in Baltimore

Tenants target the Eastside. While accessibility to major mid-Atlantic metros has historically been a driver for local industrial demand, grant-making programs — such as Advantage Maryland — are helping to sustain this momentum. Since the end of 2019, net absorption eclipsed 15 million square feet, slicing vacancy to 5.7 percent, a rate nearly 400 basis points below the long-term average entering this year. Proximity to the Port of Baltimore and the I-95 Corridor is spurring leasing in East Baltimore County, specifically at Tradepoint Atlantic. The 3,100-acre intermodal megasite is now home to notable firms like Amazon, McCormick & Company, Floor & Decor, Home Depot and Under Armour. Heading into this year, market conditions are expected to remain tight. Development in 2023 will amount to roughly half of last year’s total, limiting upward supply pressure. Meanwhile, the conversion of City Garage and the development of 4MLK are addressing the ongoing shortage of wet lab space in Baltimore. Additional biotech-related inventory should help the metro’s life science, benefiting industrial fundamentals overall. 
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