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Market Report

Baltimore Retail Market Report

3Q 2022

Nationwide-Leading Wage Growth Facilitates a Rise in
Consumer Spending and Retailer Expansion

Retail fundamentals turning the corner. Baltimore led all major U.S. metros in median household income growth during the past year ended in June. This standout increase bolstered consumer spending and has caught the attention of expanding retailers. Following an unprecedented stretch of moveouts and store closings that pushed availability up to 6.9 percent, the metro has posted at least 200,000 square feet of positive net absorption in four of the past five quarters entering the second half. Space demand outpaced new supply by nearly 1 million square feet, slicing 80 basis points off the vacancy rate during this span. Leasing activity has been widespread, with retailers taking at least 100,000 square feet off the market in East Baltimore County, Baltimore City West, Carroll County, Ellicott City-Columbia, Towson and the Route 1-BWI Area over the trailing 12-month period ending in June.
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