The outlook for commercial real estate in the Baltimore-Columbia-Towson, MD area …

According to the National Association of Realtors Commercial Real Estate Metro Market Report for the 4th quarter 2020, the commercial real estate market for the Baltimore-Columbia-Towson, Maryland area was weak. The report stated the following:

“The apartment sector is experiencing faster rent growth than nationally. There is a loss in office occupancy and office rent growth is weaker than nationally. There is a loss in office occupancy and office rent growth is weaker than nationally. In the industrial sector, the industrial vacancy rate is higher than nationally and less construction is underway than nationally. Its retail trade jobs are not growing as fast than nationally. In the hotel/lodging sector, leisure and hospitality jobs are shrinking. There is a higher share of business openings than nationally. In 2019, the area experienced net out-migration.

Commercial transactions are likely to pick up in the second half of 2021 and in 2022 as more people get vaccinated and more businesses open. Higher fiscal spending and monetary accommodation will boost growth nationally and in the area.”

Select Statistics:

Economic IndicatorQ4 2020Q3 2020Q4 2019
Apartment rent$1,456$1,451$1,424
Office asking rent per square foot$23.3$23.3$23.9
Apartment rental vacancy rate8.0%9.6%8.1%
Industrial asking rent per square foot$7.1$6.9$6.8
Source: National Association of Realtors