Baltimore Industrial Market Report

Improving leasing could signal stabilizing demand. While Baltimore continued to record negative absorption in early 2026 — a pattern observed in six of the past eight quarters — leasing activity has increased modestly over the 12 months ended in March across both large- and small-bay properties. This trend suggests stabilizing demand, though ongoing footprint optimization and isolated move-outs will continue to limit net absorption. Harford County remains the weakest East Coast submarket in terms of net space relinquishment in early 2026. At the same time, metrowide deliveries this year are largely speculative and remained unleased as of March. Several projects in Southern Anne Arundel County and Columbia are set to deliver, each adding more than 5 percent to local inventory in those submarkets, reinforcing that a broader recovery will depend on the pace of the return of large-bay demand.