8/11/2019 CIB Office Report
1/19
Office Market ReportBALTIMORE METRO AREA
www.colliers.com/greaterbaltimore
Office Market ActivityHeats Up The Summer
MARKET DEFINITION
The Baltimore Regional office market consists of Baltimore City and the surrounding counties
Anne Arundel, Howard, Baltimore and Harford. The Colliers defined submarkets of AnnapoBWI Area, Howard County, Baltimore County West, Baltimore County North, Baltimore Cou
East and Harford County are all located within this Region. According to Costar there
currently 376 existing Class A buildings within the Baltimore Metro area with more th
45,900,000 square feet of space. In the 3rdquarter of 2014 approximately 5,800,000 squa
feet of that space was vacant or 13.1%.
MARKET OVERVIEW
Q3 2014 | OFFICE USE
Overall the Baltimore Metropolitan economy
is performing well as consumer confidence
returns, and businesses are finally
expanding. In a recent report by MoodysInvestor Services, Maryland as a whole
received a strong credit score due to the
presence of several established and
prominent education and medical
institutions. Hospital systems, in particular,
are looking for alternative spaces to house
physicians as they attempt to balance the
quality of care with newly instituted
requirements. As a result, the move away
from hospital towers, and towards physician
pavilions in suburban shopping centers, isbecoming more prevalent. As a secondary
market, Baltimore is not only a cost effective,
but also an easily accessible alternative to
New York, D.C. and Philadelphia. While
Marylands corporate tax rates present
challenges in compelling corporations to
relocate their headquarters to the state,
Pandora Jewelry and Smiths Detection have
made Maryland their North American
headquarters. Despite a spike in
unemployment rates over the summer,
Maryland ranked 12thin the country for
employment.
Activity in the market heated up over the
summer after a slow, and cold, spring.
Pandora officially announced their 88,000
lease in downtown Baltimore. Quality
Software Services signed a 128,000 sf lea
at the to-be-built Little Patuxent Square, a
area under massive redevelopment.
McCormick Spice is still in the market to
possible relocate their headquarters to
anywhere in the surrounding states, but thdecision will likely take several years to
make. The FBI is in the market for 150,000
sf of space to consolidate two offices in
Catonsville and Beltsville. Additionally, the
Federal Government is on the hunt for
130,000 sf of space in downtown Baltimor
which could be a windfall for landlords wit
buildings north of Lombard Street struggli
with vacancies rates at 30%. In total, the
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
In total, the Colliers
International | Baltimore
office is currently tracking
150 tenantsin the market
looking for approximately
3,380,000 square feetof
office space in the
Baltimore Metro.
8/11/2019 CIB Office Report
2/19www.colliers.com/marketname
SELECT LEASE SIGNINGS
TENANT LEASED SF PROPERTY ADDRESS CITY
Quality Software Services , sf Sterrett Place Columbia
Pandora Jewelry , sf W. Pratt Street Baltimore
Deloitte , sf Elkridge Landing Road Linthicum
Hudson Cook , sf Ridge Road Hanover
Ijet International , sf Admiral Cochrane Drive Annapolis
Jellyfish Online Marketing , sf S. President Street Baltimore
Clifton Larson Allen , sf Greenspring Avenue Timonium
Ibiquity Digital Corporation , sf Columbia Gateway Drive Columbia
NET ABSORPTIONNet absorption in the class A Baltimore Region office market was negative for the first timin 18 months. Class B & C space, on the other hand, had positive absorption for the firsttime in as many months, bearing in mind that 750,000 -1 million SF of Class B product issubject to adaptive re-use conversions.
RENTAL RATESAverage rental rates evened out at $21.20 psf full service, where rates have been for mosof the year. Class A office rental rates bounced back to $23.40 psf after steadily decliningover the past 12 months, while Class B & C office rental rates hovered between $19-$20 pon a full service basis.
VACANCYOverall, vacancy rates in the Baltimore Regions office market were relatively unchanged a12.5%, with Class A office vacancy rising slightly at 12.7%, while Class B&C space droppeslightly to 12%. Vacancy rates will likely decline throughout the rest of 2014 as demandseems to be keeping up with new construction.
Colliers International | Baltimore office is currently tracking 150 tenants in the market look
for approximately 3,380,000 sf of office space in the Baltimore Metro.
CYBERSECURITY UPDATE
A conversation about the strength of Marylands economy would be incomplete without
speaking on the cybersecurity industry. With incubators surrounding major educational
institutions like Towson University and UMBC, there is no shortage of innovative and
motivated tech companies working towards funding and expansion. Tech jobs grew by 10%
over the past two, indicating the desire for these firms to stay in the Baltimore metropolita
area. However, despite a large pool of recent college graduates looking for jobs, universitie
are struggling to stay current with technology curriculum. As a result, many companies
looking for candidates are finding that recent graduates are not qualified for the positions.
The ability to attract, and keep, these tech firms in and around Baltimore hinges on their
ability to hire qualified workers. In response to this problem, high school vo-tech programs
are investing time and money into cybersecurity and networking programs. The goal of
these high school programs is for incoming college freshman to have already earned their
cybersecurity certifications. The need and desire for these firms is strengthening, and
companies like Kinglet are creating interesting new ways to lease space, or in some cases
just a desk and chair for startups and businesses that are not focused on office space in
the traditional sense.
$23.00
$23.50
$24.00
$24.50
$25.00
$25.50
$26.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Class A Asking Rental Rates
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
Q3 2013 Q4 1013 Q1 2014 Q2 2014 Q3.2014
Class B & C Asking Rental Rates
0
200400
600
800
1,000
1,200
1,400
1,600
1,800
2010 2011 2012 2013 2014
Thousands
Class A Net Absorption
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
Q3 2011 Q4 2012 Q3 2013
Class A Vacancy Rate
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE METRO AREA
8/11/2019 CIB Office Report
3/19
QUARTERLY COMPARISON AND TOTALS - BALTIMORE METRO CLASS A
QUARTER TOTAL RBA VACANT SF VACANCY % CURRENT QABSORPTION YTDABSORPTION CURRENTCONSTRUCTION COMPLETEDDELIVERIES AVERAGERENTAL RATE
Q ,, sf ,, sf .% , sf ,, sf , sf , sf .
Q ,, sf ,, sf .% , sf ,, sf , sf .
Q ,, sf ,, sf .% ,, sf ,, sf , sf , sf .
Q ,, sf ,, sf .% , sf , sf , sf , sf .
Q ,, sf ,, sf .% , sf , sf ,, sf , sf .
UPDATE: MARKET COMPARISONS
Net Absorption New Construction
SUBMARKET/COUNTY TOTAL SF ASKING RATES VACANT SF VACANCY % CURRENTQUARTER YTD CURRENT COMPLETED
Annapolis ,, ./FS , .% -, -,
Baltimore County East ,, ./FS , .% , ,
Baltimore County West ,, ./FS ,, .% -, , ,
Baltimore County North ,, ./FS ,, .% , ,
BWI ,, ./FS ,, .% , ,
Downtown Baltimore ,, ./FS ,, .% , ,
Harford County ,, ./FS , % -, -,
Howard County ,, ./FS ,, .% , , ,
Accelerating success.
This document/email has been prepared by Colliers International for
advertising and general information only. Colliers International
makes no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including, but not
limited to, warranties of content, accuracy as to the accuracy of the
information. This publication is the copyrighted property of Colliers
International and/or its licensor(s). 2014. All rights reserved.
RESEARCHER:
Nadia Kahler
Vice President, Research &Transaction Management | Baltimore
100 North Charles Street, Suite 1710
Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices
in 63 countrieson 6 continentsUnited States: 146
Canada: 44Latin America: 25
Asia Pacific: 186
EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under management
15,800 professionals
SELECT SALES ACTIVITY
PROPERTY ADDRESS BUYER SALE PRICE SF PRICE/SF
Columbia Gateway Drive Micros Systems ,, , sf .
Campbell Boulevard Douglas Legum Development ,, , sf .
Fila Way Kelly & Associates ,, , sf .
Minstrel Way Morris Weinman Company ,, , sf .
Franklin Square Drive Ikea USA ,, , sf .
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE METRO REPO
8/11/2019 CIB Office Report
4/19
RESEARCH & FORECAST REPORTDOWNTOWN | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Downtown Baltimore City Office Market Repor
MARKET DEFINITION
The Baltimore City office submarket comprises the traditional Central Business District (CBD) as we
the adjacent areas of Harbor East & Fells Point, Canton, Stadium/West, and South Baltimore. Withinexpanded downtown area there is more than 13,100,000 square feet of Class A office space. In th
quarter of 2014 2,195,000 square feet of that space was vacant for a 16.75% vacancy rate.
MARKET OVERVIEW
Q3 2014 | OFFICE USE
The downtown Baltimore Class A office market
vacancy rate improved slightly in the 3rdquarter,
down from 17.11%. Pratt Street continues to be highly
sought after for office space, and currently enjoys a
12% vacancy rate. The vacancy rate is also
significantly better for properties in Harbor East,
Fells Point and Canton areas, whose overall vacancy
rates ended at 13.12%.
Buildings north of Lombard Street continue to
struggle with vacancy, ending at 31% in the 3rd
quarter. Despite this trend, average rental rates in
the CBD have not fluctuated more than a few dollars
per square foot within the past 10 years. While some
areas, such as Harbor East, may command rents in
the $30s on a NNN basis, some buildings such as
20 South Charles Street and 1 North Charles Street
are quoting rental rates in the $16-$17/SF fullservice range.
Several buildings came on the market for sale, an
indication of increased investor appetite in the area.
111 Light Street, 250 W. Pratt Street and 300 E.
Lombard Street hit the market, all with hefty price
tags. 101 N. Charles Street also is for sale after being
purchased a little over a year ago. Significant lease
activity in the market includes Pandora Jewelry,
finalizing their 88,000 SF lease at 250 W. Pratt
Street. Behavioral Health System Baltimore sign
22,000 SF lease at 1 N. Charles Street. Advertis
com announced they would move their Locust P
headquarters to the Natty Boh Tower in Brewers
taking 45,000 SF. Jellyfish Online Marketingexpanded and renewed in 14,600 sf at 250 S.
President Street.
The city had a busy summer with the Star Span
Spectacular, the Horseshoe Casino opening and
various festivals. That momentum should contin
throughout the rest of the year as construction
continues on Harbor Point and demolition started
the former Mechanic Theatre. The federal
government is hunting for 100,000-130,000 SF
space in the CBD, which could present anopportunity for buildings north of Lombard Stree
absorb some of the abundant vacancy being
carried. An increase in investment sales and larg
lease signings point to a return of pre-recession
health in Downtown Baltimore.
ARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
8/11/2019 CIB Office Report
5/19
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
0
50
100
150
200
250
300
350
400
2011 2012 2013 2014
Thousand
s
Net Absorption
$19.00
$19.50
$20.00
$20.50
$21.00
$21.50
$22.00
$22.50
$23.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Asking Rental Rates
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%
21.0%
22.0%
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Class A Vacancy Rates
CBD
Pratt Street
Harbor East/Locust
Point/Canton
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE DOWNTOWN
8/11/2019 CIB Office Report
6/19
RESEARCH & FORECAST REPORTANNAPOLIS | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
Annapolis Market Report
MARKET DEFINITION
The Annapolis submarket is located approximately 25 miles south of Baltimore City and 30 m
east of Washington, D.C. The City of Annapolis serves as the Capital of the State of Maryland,
county seat of Anne Arundel County and is also the home of the United States Naval Academy. T
local office market consists of 159 properties and more than 5,500,000 square feet of space
the 3rdquarter of 2014 approximately 840,000 square feet of this space was vacant.
MARKET OVERVIEW
Negative absorption in the Annapolis office market during the 3 rdquarter resulted in the vacanc
rates rising from 12.8% to 13.8%. Multistory building vacancy rates also rose to 12.3%, as did
single story buildings rising to 21.1%, the highest vacancy rates in several years. Despite rising
vacancy, average rental rates are on the rise with class A office averaging $25.00 PSF on a fu
service basis, while Class B remained steady at $20.50 PSF.
The Annapolis office market was relatively quiet during the 3 rdquarter, although there were
several transactions of merit to report. 1812-1820 Margaret Avenue sold for $4,300,000. Ijet to
approximately 25,000 SF at 185 Admiral Cochrane Drive. 201 Defense Highway had an active
quarter signing Whats Up? Magazine for 4,300 SF, Tech Group for 4,946 SF and Kure Pain
Management for 6,600 SF. Hair Club for Men signed a 4,000 SF lease at 1730 West Street and
is also expanding in surrounding markets.
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
8/11/2019 CIB Office Report
7/19www.colliers.com/marketname
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
2010 2011 2012 2013 2014
Thousands
Net Absorption
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%16.0%
18.0%
20.0%
Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014
Vacancy Rate
$24.00
$24.50
$25.00
$25.50
$26.00
$26.50
$27.00
Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
$26.00
$28.00
$30.00
Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE REGION - ANNAPOLIS
8/11/2019 CIB Office Report
8/19
RESEARCH & FORECAST REPORTBALTIMORE COUNTY EAST | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
MARKET INDICATORSQ4 2013 Q1 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
Baltimore County East Market Report
MARKET DEFINITION
The Baltimore County East submarket includes Baltimore County suburban areas located east
Baltimore City. The submarket is defined by the I-95 corridor as well as I-695, and includes local markets of White Marsh, Perry Hall, Dundalk and Essex. The area encompasses one of
smaller regional office use submarkets with 110 buildings and just over 3,600,000 square feet
space. In the 3rdquarter of 2014 approximately 520,000 square feet of that space was vacan
MARKET OVERVIEW
Vacancy rates in the Baltimore County East office market declined slightly to 14.4% and with
little new construction, planned vacancy is expected to decrease. Multistory building vacancy
declined to 12.6%, as did single story buildings to 16%, and is expected to continue to improve
Overall rental rates for office space range from $22.50-$25.50 on a full service basis, with th
limited number of class A buildings in the submarket fetching mid-high $20s full service, andClass B space averaging $19-$20 full service.
There were several notable sales transactions including 8 buildings sold by COPT for
$28,750,000. Douglas Legum Development picked up 5020 Campbell Boulevard for
$12,400,000, while IKEA paid $10,450,000 for 9930 Franklin Square Drive. Hill Management
bought two of the buildings, 4969 & 4979 Mercantile for $5,900,000. While leasing activity w
somewhat slow, Creative Optionsrenewed their 10,800 SF lease at 9411 Philadelphia Road.
8/11/2019 CIB Office Report
9/19www.colliers.com/marketname
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
-20
0
20
40
60
80100
120
140
160
2010 2011 2012 2013 2014
Thousands
Net Absorption
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%21.0%
22.0%
23.0%
Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014
Vacancy Rate
$17.00
$17.50
$18.00
$18.50
$19.00
$19.50
$20.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE COUNTY EAST
8/11/2019 CIB Office Report
10/19
RESEARCH & FORECAST REPORTBALTIMORE COUNTY NORTH | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
Baltimore County North Market Repor
MARKET DEFINITION
The Baltimore County North submarket is located in the northern areas of Baltimore County a
borders the northern end of Baltimore City. The submarket incorporates major thoroughfarincluding the I-83 corridor as well as I-695. In addition to the local submarkets of Towson a
Timonium, the area also includes Hunt Valley, Cockeysville and Sparks. The overall Baltim
County North market contains 276 properties and just over 15,100,000 square feet of space
the 3rdquarter of 2014 over 1,800,000 square feet of that space was vacant.
MARKET OVERVIEW
Office vacancy rates for the northern part of Baltimore County have steadily declined
throughout 2014, ending the 3rdquarter at 12.1%. According to Costar, Inc., overall full servic
office rental rates have also declined over the past 2 years ending at $17.35 PSF. Class A
rental rates reportedly declined to $21.90 PSF, while Class B rental rates were mostly
unchanged throughout the year ending at $16.00 PSF. Single story building vacancy rates
rose slightly to 13.6%, but still considerably less than the same time a year ago. Multistory
building vacancy rates continued to decline to 12%, helped by positive absorption and little n
construction.
Leasing activity included Adolph & Kalkstein signing a 4,400 SF lease at 200 E. Joppa Road
and The Financial Consulate, LLC leased 6,500 SF at 201 International Drive. Greenspring
Wealth Management expanded to 6,000 SF at 501 Fairmount Avenue. Hair Club for Mentoo
4,240 SF at 110 West Road, while Endoscopy Center of North Baltimorerenewed and
expanded into 6,100 SF at 1220 E. Joppa Road. Making use of vacant retail space, Carchex
renewed their office lease at Hunt Valley Towne Center for 5,850 SF. It was announced that
Kelly & Associatespurchased 1 Fila Way for $9,000,000 to house their headquarters.
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
8/11/2019 CIB Office Report
11/19www.colliers.com/marketname
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE COUNTY NORTH
-200
-150
-100
-50
0
50
100
150
200
2010 2011 2012 2013 2014
Thousands
Net Absorption
8.0%
0.0%
12.0%
14.0%
16.0%
18.0%
2012 2013 2014
Vacancy Rate
$19.00
$19.20
$19.40
$19.60
$19.80
$20.00
$20.20
$20.40
$20.60
$20.80
$21.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
8/11/2019 CIB Office Report
12/19
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
RESEARCH & FORECAST REPORTBALTIMORE COUNTY WEST | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
MARKET INDICATORS
Baltimore County West Market Repor
MARKET DEFINITION
The Baltimore County West submarket is located in suburban areas of Baltimore Cou
bordering the western and northwestern portions of Baltimore City. The submarket is definby I-695 and Reisterstown Road corridors. It includes the local markets of Owings Mi
Pikesville, Woodlawn, Catonsville and Arbutus and consists of 295 buildings and more th
13,000,000 square feet. In the 3rdquarter of 2014 approximately 2,200,000 square feet of t
space was vacant.
MARKET OVERVIEW
Overall office vacancy rates in Baltimore County West were relatively unchanged at 16.8%, b
with several impending deliveries, that number will likely rise. Single story building vacancy
dropped to 16.5%, as did multistory building vacancy which also improved to 16.6%, the lowe
it has been since the first half of 2012. Average rental rates for the submarket were relative
unchanged at $19.67 PSF, full service. Average Class A office rental rates have not changed
the past 12 months hovering between $24-$22 PSF full service, as were class B rates whic
have been between $19-$18 PSF for the last 24 months.
Leasing in the 3rd quarter was relatively slow after strong absorption in the first half of the
year. That said, the construction surrounding Foundry Row and Metro Centre is expected to
absorb quickly, despite historically high vacancy rates in the Owings Mills submarket. With
regards to investment sales, Cabot Properties purchased 7120-7132 Ambassador Road for
$28,500,000, and 757 Frederick Road reportedly sold for $4,250,000.
8/11/2019 CIB Office Report
13/19www.colliers.com/marketname
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
-150
-100
-50
0
50
100
150
200
2010 2011 2012 2013 2014
Thousands
Net Absorption
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 20
Vacancy Rate
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
u s ory s ng en a a es
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$17.00
$18.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE COUNTY WEST
8/11/2019 CIB Office Report
14/19
RESEARCH & FORECAST REPORTBWI AREA | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
BWI Area Market Report
MARKET DEFINITION
The BWI Area submarket is located around the Baltimore/Washington Thurgood Marsh
International Airport in northern Anne Arundel County. The submarket includes Fort Geor
Meade, NSA headquarters, Linthicum, Hanover, Glen Burnie, Elkridge and small portions
Howard County bordering BWI Airport to the west. This market consists of 197 existing propert
and more than 12,800,000 square feet of space. In the 3rd quarter of 2014 just less th
1,500,000 square feet of this space was vacant.
MARKET OVERVIEW
Overall vacancy rates in the BWI office market dropped in the third quarter to 11.3% after
spiking briefly in the second quarter. Multistory building vacancy rates continued to improve
11.1%, and are anticipated to decline further throughout the next several quarters due to lacknew construction. Single story building vacancy rates also dropped to 11.8%. Overall office
rental rates hovered around $24.00 PSF on a full service basis, which has been the
approximate cost for the past five years. Class A office average rental rates continued to
decline to $26.70 PSF, while class B office space increased to $22.00 PSF, both full service
Leasing activity was relatively slow in this submarket throughout the 3rdquarter, but there
were some notable transactions. Northrop Grumman announced they would build a 25,000
facility behind their existing campus. The GSA signed a 15,294 SF lease at 939 Elkridge
Landing Road, and Deloitte signed a 15,012 SF least at 901 Elkridge Landing Road. Hudson
Cooksigned a 20,536 SF lease at 7037 Ridge Road in Hanover.
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
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UPDATE
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
0
50
100
150
200
250
300
350
400
450
500
2010 2011 2012 2013 2014
Thousands
Net Absorption
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%18.0%
19.0%
20.0%
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014
Vacancy Rate
$24.00
$24.50
$25.00
$25.50
$26.00
$26.50
$27.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE REGION - BWI AREA
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
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RESEARCH & FORECAST REPORTHARFORD COUNTY | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
Harford County Market Report
MARKET DEFINITION
The Harford County submarket is located approximately 25 miles northeast of Baltimore C
and is defined by the I-95 and Route 1 Corridors. The area includes the local markets of Bel AAberdeen and Havre de Grace. The Aberdeen Proving Ground is also located in Harford Coun
This market consists of 131 properties and just over 4,100,000 square feet of existing space
the 3rdquarter of 2014 about 940,000 square feet of that space was vacant.
MARKET OVERVIEW
Vacancy rates in the Harford County submarket have consistently risen over the past four
years, ending the 3rdquarter of the year at 23%. Overall average rental rates fluctuated
between $22-$23 PSF on a full service basis. Class A rental rates dropped to $27.50, but
otherwise have been relatively stable over the past 24 months, as was Class B space which
stabilized around $21.00 PSF full service. Single story building average vacancy rates reach
an all time high at 23.2%, while multistory building vacancy rates hovered around 24% for
most of the year.
Although the Harford County market has statistically been plagued by over development and
higher then average vacancy rates, there were some notable transactions in the 3rd quarter. J
Vinton Schafer & Sons signed a 14,740 SF lease at 1309 Continental Drive. DRS Technologi
signed on for 10,000 SF at St. John Properties development at The GATE. UIC Technical
Servicessigned a 4,800 SF lease at 103 Bata Boulevard, while Harford County Health
Department renewed their lease at 120 Hays Street for 4,000 SF. While there were no
investment sales to speak of in this market, several buildings went on the market such as the
Waters Edge campus and 120 Hayes Street.
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
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Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
-100
-50
0
50
100
150
200
250
300
2010 2011 2012 2013 2014
Thousands
Net Absorption
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
19.0%
21.0%23.0%
25.0%
27.0%
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014
Vacancy Rate
$22.00
$22.50
$23.00
$23.50
$24.00
$24.50
$25.00
$25.50
$26.00
$26.50
$27.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$9.00
$11.00
$13.00
$15.00
$17.00
$19.00
$21.00
$23.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE REGION - HARFORD COUNTY
8/11/2019 CIB Office Report
18/19
RESEARCH & FORECAST REPORTHOWARD COUNTY | BALTIMORE REGION
www.colliers.com/greaterbaltimore
Q3 2014 | OFFICE USE
MARKET INDICATORS
Q2 2014 Q3 2014
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
Howard County Market Report
MARKET DEFINITION
The Howard County submarket is located between Baltimore MD and Washington, DC along
interstate I-95 corridor. The submarket is comprised of 383 buildings and about 18,340,0square feet of space. In the 3rdquarter of 2014 more than 2,000,000 square feet of that spa
was vacant. The submarket boasts a sturdy Landlord pool with REITs and local developers su
as Corporate Office Properties Trust, First Potomac Management, LLC, General Grow
Properties, Greenfield Partners, Abrams Development and Merritt leading the pack.
MARKET OVERVIEW
Overall vacancy rates dropped to 11.3%, where it has hovered for most of the year. Single sto
office building vacancy rates also stayed relatively the same at 11%, while multistory office
buildings show a similar trend ranging between 11-12%. Overall rental rates average about
$24.00 PSF full service, and have been relatively stable for the past 2 years. Average Class
office rates increased marginally to $25.50 PSF full service, as Class B office rental rates
declined slightly to $23.30 PSF.
Howard County in general enjoys lower vacancy rates and strong absorption due to the
strategic location between Baltimore and Washington, D.C. Yumkas, Vidmar & Sweeney
opened an additional office at 10211 Wincopin Circle to complement their Annapolis presence
QSSI, a Maryland health exchange contractor, signed a 128,000 SF lease at the to-be-built
Little Patuxent Square. Snyder Kearney signed an 11,700 SF lease at 10320 Little Patuxent
Parkway. Ibiquity Digital Corporationrenewed their lease at 6711 Columbia Gateway Drive f
18,900 SF, and UNUMsigned an 8,500 SF lease at 8601 Robert Fulton Drive. Morris Weinm
Company purchased Waterview Office Center for $4 million, or $85.75 PSF. Additionally,
Micros Systems purchased 7031 Columbia Gateway Drive, which they already occupied, for
$59.5 million following the news that they were acquired by Oracle Corporation.
8/11/2019 CIB Office Report
19/19
Accelerating success
This document/email has been prepared by Collier
International for advertising and general informatio
only. Colliers International makes no guarantees
representations or warranties of any kind, expresse
or implied, regarding the information including, but no
limited to, warranties of content, accuracy as to th
accuracy of the information. This publication is th
copyrighted property of Colliers International and/o
its licensor(s). 2014. All rights reserved.
UPDATE
RESEARCHER:
Nadia KahlerVice President, Research &
Transaction Management | Baltimore
100 North Charles Street
Suite 1710Baltimore, MD 21201
TEL +1 443 543 1222FAX +1 443 543 0191
485 offices in63 countries on6 continentsUnited States: 146Canada: 44
Latin America: 25
Asia Pacific: 186EMEA: 84
$2.1 billion in annual revenue
1.46 billion square feet under
management
15,800 professionals
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 2014
Thousands
Net Absorption
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014
Vacancy Rate
$24.00
$24.50
$25.00
$25.50
$26.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Multistory Asking Rental Rates
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Single Story Asking Rental Rates
Office (FS)
Flex (NNN)
RESEARCH & FORECAST REPORT | Q3 2014 | OFFICE USE | BALTIMORE REGION - HOWARD COUNTY