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BALTIMORE REGION
market indicators
Q1 2013 VACANCY NET ABSORPTION construction rental rate Q2 2013
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The closing of two Best Buy locations in Hunt Valley and Downtown Baltimore left large vacancies to be filled with Marshalls recently announcing they would take the Hunt Valley space. As the banking industry continues to consolidate, a lot of pad sites are being put on the market as a result. Non-traditional retailers such as funeral stores and churches are back filling some retail spaces, while medical clinics and thrift stores are starting to move into large spaces left behind by grocery stores. forecast As the housing market improves, unemployment rates continue to fall and consumer confidence rises, the Baltimore Metro Retail market is in a position to see much improvement and growth. This could be particularly evident in Baltimore City which saw its first population increase in 60 years as young professionals seek to live and work in a more urban environment. That being said, there is still an overall feeling that the market is soft as retailers are cautious about expanding and are looking for bargains even as large blocks of space are getting increasingly difficult to find.
Vacancy Rates
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Overall Shopping Centers
Highlandtown Village 300 E Lombard Street, Baltimore, MD Pheasant Run 9830 Mallard Drive, Laurel, MD Elkridge Corners 7280 Montgomery Road, Elkridge, MD Columbia Crossing II Putty Hill Plaza Hickory Ridge 6400 Freetown Road, Columbia, MD Dorseys Search Village Center 4725 Dorsey Road, Ellicott City, MD select LEASE ACTIVITY
Address
April 2013 May 2013 May 2013 January 2013 January 2013 February 2013 February 2013
$8.8 million $3.2 million $11.2 million $21.8 million $15.9 million $23.9 million $46.4 million
Broad Street Ventures New Life Christian center Elkridge Corners Owner, LLC Blackstone JV Kimco Kimco Blackstone JV Kimco Blackstone JV Kimco
S&N Hotel LP DKBK Enterprises Regency Centers UBS GE Capital UBS UPS
Lease Date
Lease SF
Tenant
Landlord
Type
Submarket
5/2013
6,592 SF
Costume Cabaret
Outlying
4/2013
6,640 SF
Woodlawn
3/2013
6,000 SF
Overseas Ocean
Aberdeen
6/2013
10,000 SF
Pier 1 Imports
Frederick
6/2013
10,400 SF
Community Center
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MARKET COMPARISONS
submarket Anne Arundel Baltimore Baltimore City Cecil Frederick Harford Howard Carroll Existing Inventory 20,594,869 sf 30,545,962 sf 9,674,612 sf 1,658,442 sf 7,627,348 sf 6,721,391 sf 7,912,753 sf 4,732,426 sf Direct Vacancy 1, 156,476 sf 1,846,028 sf 720,727 sf 124,259 sf 330,178 sf 218,868 sf 148,761 sf 278,263 sf 5.6% 6% 7.4% 7.5% 4.3% 3.3% 1.9% 5.9% Sublease Vacancy 67,225 sf 156,801 sf 30,500 sf 0 0 0 0 9,100 sf 0.3% 0.5% 0.3% 0 0 0 0 0.2% Total Vacancy 1,223,704 sf 2,002,829 sf 751,227 sf 124,259 sf 330,178 sf 218,868 sf 148,761 sf 287,338 sf 5.9% 6.6% 7.8% 7.5% 4.3% 3.3% 1.9% 6.1% Net Absorption 56,019 sf 136,648 sf 72,258 sf 22,600 sf 43,448 sf -6,842 sf 46,386 sf 27,008 sf Under Construction 50,000 sf 250,000 sf 325,000 sf 0 300,000 sf 44,500 sf 0 0 Delivered 0 0 0 0 0 0 0 0 AvERAgE Asking Rent $21.52 / NNN $17.65 / NNN $17.82 / NNN $13.50 / NNN $18.04 / NNN $18.79 / NNN $19.22 / NNN $13.39 / NNN
researcher: Nadia Kahler Vice President, Research & Transaction Management | Baltimore 100 North Charles Street Suite 1710 Baltimore, MD 21201
tel +1 443 543 1222 FAX +1 443 543 0191
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