Baltimore Industrial MarketView Q1 2021

While the COVID-19 pandemic presented a major disruption to many commercial real estate sectors, the industrial market has proven resilient and continued to post growth amid increasing e-commerce activity. Following 2020 with more than 3 million sq. ft. of occupancy gains, the Baltimore industrial market started 2021 strong with 1.3 million sq. ft. of positive net absorption during the first quarter. Warehouse vacancy fell 30 basis points (bps) over the quarter to 5.1%, not far from the historic low of 4.6% seen at the same time last year.