3Q2013 CIB Office Reports

7/27/2019 3Q2013 CIB Office Reports

1/18

Oce Market ReportBALTIMORE METRO AREA

www.ollier.om/greaterbaltimore

Will the uture success o the ofcemarket be Home-Grown companies?

MARkET dEfInITIOn

The Baltimore Regional oce market consists o Baltimore City and the surrounding counties o A

Arundel, Howard, Baltimore and Harord. The Colliers defned submarkets o Annapolis, BWI AHoward County, Baltimore County West, Baltimore County North, Baltimore County East and Har

County are all located within this Region. According to Costar, Inc. there were existing Clas

buildings within the Baltimore Metro area with more than ,, square eet o space. In the

quarter o approximately ,, square eet o that space was vacant.

MARkET OVERVIEW

Q3 2013 | OFFICE USE

The Baltimore Metro Area Class A oce

market changed very little in the rd quarter, as

was the case with many o the submarkets.

Following the worst recession the country has

seen since the s, the Baltimore Metro has

statistically outperormed the national pace o

growth, though that recovery has slowedconsiderably plagued by ederal spending cuts

and a contracting workorce. In the end,

Baltimore will emerge as a hub or

cybersecurity, evidenced by the Cyber

Command at Fort Meade and NSA breaking

ground on a massive data center at the Fort.

While cybersecurity companies are hiring and

creating jobs, other government contractors

are eeling the squeeze o unding cuts as they

start to rethink and restructure the number o

employees and the amount o oce space they

really need. All things considered, the Baltimore

Metropolitan market has continued, and willcontinue, to show steady job growth, resulting

in the unemployment rate to drop back down to

% ater a spike earlier this year.

Recovery in the commercial real estate industry

continues to be uneven rom space in the BWI

corridor being taken quickly by government

contractors to entire buildings sitting vacant in

Harord County ollowing the end o BRAC.

Larger tenants are rationalizing the amount o

space they require as large blocks o space are

increasingly dicult to fnd, particularly in

Northern Baltimore County and Columbia. A

result, landlords are responding with

concessions that would have been unheard o

decade ago in order to attract new tenants. T

apartment boom in Baltimore City came at a

time when housing was limited and a pletho

o aging Class B oce buildings sat vacant,thus solving two problems with one

conversion. However, the ear looms that ne

job creation, particularly in downtown

Baltimore, is not keeping up with the

development o these apartment buildings.

The Baltimore Metro area scores high in a

number o attributes that make it attractive o

businesses, including a strategic proximity to

D.C. and the sheer number o well-educated

young proessionals. The challenge has been

retaining our talented proessionals by

investing in inrastructure and innovation tostay competitive with surrounding metropoli

areas. Despite the recent announcement tha

First National Bank would be locating their

headquarters to downtown Baltimore, the tre

o large corporations moving into the area ha

all but ended, in no small part due to

Marylands corporate tax rate historically not

being as riendly as surrounding metropolita

markets. Local, home-grown start-up

companies will be necessary to support the

local oce markets.

MARkET IndIcATORs

Q2 2013 Q3 2013

VAcAncY

nET ABsORPTIOn

cOnsTRucTIOn

REnTAL RATE

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2009 2010 2011 2012 2013

Thousands

Class A Net Absorption

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

2010 2011 2012 2013

Class A Vacancy Rate


2/18www.ollier.om/maretame

sELEcT LEAsE sIGnInGs

TEnAnT LEAsEd sf PROPERTY AddREss cITY

GWWO, Inc 11,972 s 800 Wyman Park Drive Baltimore

R2 Integrated, LLC 15,467 s 400 E. Pratt Street Baltimore

Royston, Mueller, McLean & Reid, LLP 11,004 s 102 W. Pennsylvania Ave Towson

Morris Hardwick Schneider 10,193 s 5355 Nottingham Drive Nottingham

Shawe & Rosenthal, LLP 9,012 s 1 South Street Baltimore

Accelerating success

This document/email has been prepared by Collier

International or advertising and general inormatio

only. Colliers International makes no guarantees

representations or warranties o any kind, expresse

or implied, regarding the inormation including, but no

limited to, warranties o content, accuracy as to th

accuracy o the inormation. This publication is th

copyrighted property o Colliers International and/o

its licensor(s). . All rights reserved.

sELEcT sALEs AcTIVITY

PROPERTY AddREss sELLER/BuYER sALE PRIcE sf PRIcE/sf

201 N. Charles Street Lexington Charles L.P./201 NC Leasehold LLC $19,000,000 264,126 s $71.94

1114 Cathedral Street Associated Black Charities, Inc. $1,200,000 11,000 s $109.09

5450 Knoll North Drive Clarion Partners/Montecito Medical Operating Co. $16,750,000 66,315 s $107.85

8945 Guilord Road Greenfeld Partners/Fernau LeBlanc $12,600,000 25,385 s $124.04

711 Bestgate Road Champion Commercial/711 Bestgate Partners $4,100,000 22,710 s $180.54

2811 Lord BaltimoreDrive

Trason Development/Concrete Protection &Restoration $2,365,000 22,875 s $103.39

REsEARchER:

Nadia KahlerVice President, Research &

Transaction Management | Baltimore

North Charles Street

Suite Baltimore, MD

TEL + fAX +

oces in countries on continentsUnited States: Canada:

Latin America:

Asia Pacifc: EMEA:

$2 billion in annual revenue

1.12 billion square feet under

management

Over 13,500 professionals

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Class A Asking Rental Rates

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Class B & C Asking Rental Rates

nET ABsORPTIOn

Net absorption in the Class A Baltimore Region oce market continued a positive trend in the rd quarter

though at a slower rate than last quarter. Class B & C space had positive absorption or the frst time in a year.

REnTAL RATEsAverage rental rates dipped slightly to . ps, the lowest they have been since the beginning o .

Class A oce rental rates continued to slide down to . ps, while Class B & C oce rental rates evened

out at . ps.

VAcAncY

Overall, vacancy rates in the Baltimore Regions oce market were relatively unchanged at .%, with Class

A oce vacancy holding at .%, and Class B&C space at .%. Vacancy is not expected to rise as very little

new space is projected to be delivered or the rest o the year.

research & forecast report | Q3 2013 | office use | baltimore metro area


3/18

research & orecast reportannapolis | BalTiMoRE REGion

.er.m/greterbtmre


Annapolis Market Report

MaRkET DEfiniTion

t annli ubmk i ld ximly 25 mil u Blim ciy nd 30 mil

Wingn D.c. t ciy annli v cil s Mylnd, uny ann aundl cuny nd i l m Unid s Nvl admy nd s. J

cllg. t ll mk ni 166 i nd v 5,500,000 qu

3d qu 2013 ju v 680,000 qu i w vn.

MaRkET ovERviEw

abin wn iiv duing 3d qu

uling in lig dlin in vny m

12.6% 12.4%. Muliy building vny

l imvd ding 10.6%, wv

ingl y building 21.2%. cl a

vg nl ninud d

$27.12 , lw i bn in n

iy, wil cl B nl w

livly unngd $23.84 .

Ling nd l iviy ikd u ligly i

qu, vidnd by iiv bin nd

dlining vny . signin nin

inludd Mylnd a king 5,000

pi Bidg Buin pk in cn, wil

signl sym k 12,000 1127 Bn

Bulvd in Millvill. t llf Gu

ud 711 Bg rd $4.1 millin

cmin rly ignd 10 y l

uying ni building. t m, Big

Min, ud 1449 Will rd

$2.36 millin mv i dqu. Nw

i du dliv im

n iy in annli mk 1730

W s nd 130 svn avnu.

MaRkET inDicaToRs

Q2 2013 Q3 2013

vacancY

nET aBsoRpTion

consTRucTion

REnTal RaTE


4/18.er.m/mretme

aling u

ti dumn/mil bn d by clli

Inninl dviing nd gnl inmi

nly. clli Inninl mk n gun

nin wni ny kind, x

imlid, gding inmin inluding, bu n

limid , wni nn, uy

uy inmin. ti ubliin i

yigd y clli Inninl nd/

i lin(). 2013. all ig vd.

upDaTE

REsEaRchER:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s

sui 1710Blim, MD 21201

TEl +1 443 543 1222faX +1 443 543 0191

482 in62 uni n6 ninnUnid s: 140cnd: 42

Lin ami: 20

ai pi: 195eMea: 85



management


-100

-80

-60

-40

-20

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

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 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

Vacancy Rate

$26.00

$26.20

$26.40

$26.60

$26.80

$27.00

$27.20

$27.40

Q3 2012 Q4 2012 Q1 2013 Q2 2013

Multistory Asking Rental Rates

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Single Story Asking Rental Rates

Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore region - annapolis


5/18

research & orecast reportbaltimore CoUNtY east | baltimore reGioN

.c.c/g


market iNdiCators

Q2 2013 Q3 2013

VaCaNCY

Net absorPtioN

CoNstrUCtioN

reNtal rate

Baltimore County East Market Report

market defiNitioN

t Blim cuny e ubmk inlud Blim cuny ububn ld

Blim ciy. t ubmk i dnd by I-95 id wll I-695 nd inlud l

mk Wi M, py hll, Dundlk nd ex. t nm n m

ginl u ubmk wi 110 building nd ju v 3,650,000 qu . In

3d qu 2013 ju und 630,000 qu w vn.

market oVerView

Vny in Blim cuny e w

unngd 17.1%, bu wi n nw

nuin, niid xd

d v nx vl qu. ovll

nl dlind ligly $18.87 , ignin bund in l qu.

Muliy building vny ninud

imv nding 14.2% dwn m 15.1%,

wil ingl y building jumd 19.5%;

b xd d dily v

nx vl qu. cl a

nl v n fuud mu in

12 mn nding $20.87 , wil

cl B bundd igninly duing

nd l y wi ving

und $19.40 .

Lik m ubmk, Blim cun

e w vy lil iviy in 3d qu

pmi nd i nw 60,000 ub i

Wi M. Mi hdwik snid

mvd in 10,000 5355 NingmDiv. sl iviy l lwd wi n

mj nin bing l Gldn r

plz $24 millin.


6/18.c.c/n

aling u




nin wni ny kind, x


limid , wni nn, uy




UPdate

researCher:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


tel +1 443 543 1222faX +1 443 543 0191


Lin ami: 20

ai pi: 195eMea: 85



management


-20

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

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 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

Vacancy Rate

$17.00

$17.50

$18.00

$18.50

$19.00

$19.50

20.00

$20.50

$21.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

u tistory s ing enta ates

$0.00

$5.00

$10.00

$15.00

20.00

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore county east


7/18

research & orecast reportbaltimore CoUNtY North | baltimore reGioN

.c.c/g


Baltimore County North Market Repor

market DefiNitioN

t Blim cuny N ubmk i ld in nn Blim cuny nd bd

nn nd Blim ciy. t ubmk in mj ug inluding I

id wll I-695. In ddiin ll ubmk twn nd timnium,

inlud hun Vlly, ckyvill nd sk. t vll Blim cuny N mk nin

i nd ximly 15,000,000 qu . In 3d qu 2013 v 2,000,0

qu w vn.

market overview

ovll vny ligly 13.4% nd

n xd uu ugu

y. ovll nl w

unngd nding $19.85 , w cl

a building wing lil imvmn

nding $22.37 , wil cl B

dd ligly $19.01 . singl y

building vny imvd mginlly

14.9%, wil muliy building vny

yd bu m 13.2%.

Blim cuny N w lvd lvl

iviy, iully in twn w twn

cmmn ju nly ld Gin

Invmn Gu. 211 ckyvill rd,

3,080 building nly ld Lk

LLc. act, In ignd 8,200 225 silling

cil in hun Vlly.

market iNDiCators

Q2 2013 Q3 2013

vaCaNCY

Net absorPtioN

CoNstrUCtioN

reNtal rate


8/18.c.c/n

aling u




nin wni ny kind, x


limid , wni nn, uy




UPDate

researCher:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


tel +1 443 543 1222faX +1 443 543 0191


Lin ami: 20

ai pif: 195eMea: 85



management


-200

-150

-100

-50

0

50

100

150

2009 2010 2011 2012 2013

Thousands

Net Absorption

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2010 2011 2012 2013

acancy ate

$19.00

$19.20

$19.40

$19.60

$19.80

$20.00

$20.20

$20.40

$20.60

$20.80

$21.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore county north


9/18

research & orecast reportbaltimore CoUNtY west | baltimore reGioN

.c.c/g


market iNdiCators

Q2 2013 Q3 2013

VaCaNCY

Net absorPtioN

CoNstrUCtioN

reNtal rate

Baltimore County West Market Repor

market defiNitioN

t Blim cuny W ubmk i ld in ububn Blim cuny bding

wn nd nwn in Blim ciy. t ubmk i dnd by I-695

riwn rd id. I inlud ll mk owing Mill, pikvill, Wdl

cnvill nd abuu nd ni 302 building nd v 12,900,000 qu . In

qu 2013 v 2,200,000 qu w vn.

market oVerView

ovll f vny in Blim

cuny W ind m 16.7% 17.0%

bin wn ngiv im i

y, ul ingl y building vny

jumd m 15.5% 16.6%. Muliy

building vny w mly unngd

ving 17.2%. avg nl

ninud in $20.15 . cl a

f nl dd ligly $22.57

, wil l B ligly $19.35 .

signin nin inlud ci

nwing i l Beco tw in

owing Mill 26,000 . suqunn Bnk

will l i mgg diviin m hun

Vlly 11115 Dlld Bulvd ving ju

ignd 12,750 l. abl cmmuniin

ld 3,300 3355 Kwik

rd, nd hl sluin nnund y

wuld b mving in 11409 cnill Div.

2811 Ld Blim Div in Wdlwn ld

cn pin nd rin w

innd uy building $2,365,000

sli pn nnund y wuld

nu 30,000 mdil building in

cnvill odi ai

cnl Mylnd.


10/18.c.c/n

aling u




nin wni ny kind, x


limid , wni nn, uy




UPdate

researCher:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


tel +1 443 543 1222faX +1 443 543 0191

482 f in62 uni n6 ninnUnid s: 140cnd: 42

Lin ami: 20

ai pi: 195eMea: 85



management


-200

-150

-100

-50

0

50

100

150

200

250

2009 2010 2011 2012 2013

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 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

Vacancy Rate

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore county west


11/18

research & orecast reportbwi area | baLTiMOre reGiON

.oll.om/gtltmo


MarkeT iNdicaTOrs

Q2 2013 Q3 2013

VacaNcY

NeT absOrPTiON

cONsTrucTiON

reNTaL raTe

BWI Area Market Report

MarkeT defiNiTiON

t BWI a ubmk i ld und Blim/Wingn tugd Mll Inni

ai in nn ann aundl cuny. t ubmk inlud Gg Md, N

dqu, Linium, hnv, Gln Buni, elkidg nd mll in hwd cu

bding BWI ai w. ti mk ni 203 i nd v 12,600,0

qu . In 3d qu 2013 lil l n 1,600,000 qu i

w vn.

MarkeT OVerView

ovll vny in BWI mk

dd ligly 12.5% ld by nd

nuiv qu iiv bin.

Muliy vny ding mginlly

12.4%, wil ingl y vny dlind

m igninly nding 12.7%. ovll nl

w livly unngd $25.30 .

cl a vg nl $29.40

, wil cl B ngd vy lil

nding $21.89 .

ovll, BWI mk d livly

wll du in lg i gi lin. a

iving yb uiy induy in Mylnd i

lling in nd und Md.

t dl Gvnmn kd ximn

wn liiin 425,000

wiin 10 mil Md w iud. t k

u wi dmnd, s. Jn pi bk

gund n building 100 t pk,

wi will inlud 120,000 , fx nd

il . Univiy MD Mdil sym

bug 920 elkidg Lnding rd in Linium

$7,075,000.


12/18.oll.om/mtnm

aling u

uPdaTe


Lin ami: 20

ai pi: 195eMea: 85



management


10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

acancy ate

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore region - bwi area




nin wni ny kind, x


limid , wni nn, uy




researcher:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


TeL +1 443 543 1222faX +1 443 543 0191

0

50

100

150

200

250

300

350

400

450

500

2009 2010 2011 2012 2013

Thousands

Net Absorption


13/18

research & orecast reportdowntown | BALtIMoRE REGIon

.llier.m/greaerbalimre

Downtown Baltimore City Ofce Market Repor

MARkEt dEfInItIon

t Blim ciy ubmk mi diinl cnl Buin Dii (cBD) w

djn hb e & ll pin, cnn, sdium/W, nd su Blim. Wiinxndd dwnwn i v 13,260,000 qu l a . In 3d qu 2013 m n 2,180,000 qu w vn (16.44% vny ).

MARkEt ovERvIEw


siilly, dwnwn Blim cl a mk vny in 3d quimvd ligly, ding 16.44%. a iuully , vny p si umd vll mk, wivny ding 11.65%. t m i u i in hb e, ll pin nd cnn, w vll vny dd 13.57%. hwv, g dg n

vny m m cl cn i, wi llivly v vny in x 20%. Wil vll nl vn uud m n w dll in 10y, n ll-im lw vging$22.00 .

t dwnwn mk in diinlcnl Buin Dii (cl cn nd Inn hb) i ing myid llng.i, ngiv bin i ining, wihkin nd Vi giving bk m n 80,000 . snd, ig quliy ld, ximly 200,000

nn v l cl cn i nw nd b ld building ging imil w w n 20+ y g.tid, dw i ining, nn(iully lw fm) v x iy ndning d bu i. and u, iningnumb building bing ndld by ilvi du dul i n i. t ,nnl, nuging ign n izn.

t ciy cunil vd $107 millin dll inx inmnl fnning hb pindvlmn, wi will b m nw

exln hdqu. t m Nw-ami 300 e. p s i und n dvld in ig-i mxd-u j. tnvin 10 Lig s m cl B idnil mmnd. M ndil dvlmn i bing d n wid, wi Dvid s. Bwn eni wkingln 29-y nd idnil wn W. Blim s u nby

Univiy Mylnd, Blim mu.

signifn nin i qu inludd l 201 N. cl s Blu onrly, LLc $19.7 millin, ($79.00/). ellin tuk nnunmn i will mv i32,000 dqu nw 400 ep s. r2 Ingd, wi ubld dun Blim exmin 400 e.p s, ignd lng m l l gv m igng ig n building. i Ninl Bnk, wi nlybug Bnkannli, ld 11,000 300Lmbd s. Lik r2 Ingd (b clli

lin), i Ninl Bnk bind buildingnm ig. c Bxn will n i n$30 millin dqu in Mnumnl LBuilding i wk, j will nlidi in m w lin. onin inludd atapco l 30,00 nd sw & rnl l 9,000 su s.

ARkEt IndIcAtoRs

Q2 2013 Q3 2013

vAcAncY

nEt ABsoRPtIon

constRuctIon

REntAL RAtE


14/18

aling u




nin wni ny kind, x


limid , wni nn, uy




uPdAtE

REsEARchER:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


tEL +1 443 543 1222fAX +1 443 543 0191


Lin ami: 20

ai pif: 195eMea: 85



management


-200

-100

0

100

200

300

400

2009 2010 2011 2012 2013

Thousands

Net Absorption

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

2009 2010 2011 2012 2013

Vacancy Rate

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Asking Rental Rates

research & forecast report | Q3 2013 | office use | baltimore downtown


15/18

research & orecast reportharford county | BaLtIMorE rEGIon

.llie.m/geeblime


Harford County Market Report

MarkEt dEfInItIon

t hd cuny ubmk i ld ximly 25 mil n Blim ciy n

dnd by I-95 nd ru 1 cid. t inlud ll mk Bl ai, abdn

hv d G. t abdn pving Gund i l ld in hd cuny. ti mk n

131 i nd ju v 4,100,000 qu xiing . In 3d qu 2013 b

900,000 qu w vn.

MarkEt ovErvIEw

Vny in hd cuny ubmk

d 22.3% u m 21.8%

ninuuly limbing u y.

ovll vg nl did n ng

ving und $24.20 . cl a nl

l did n uu mu $28.35 ,

n did cl B wi w unngd

$22.57 . singl y building vg

vny d 21%, ju ligly ig

n viu qu, wil muliy

building vny yd bu m

23.8%.

t hd cuny f ubmk ninu

uggl i v w y,

lgud by dwindling dmnd nd v-uly.

Wil Brac did w mny xd in

wy dding jb abdn pving

Gund, u uing ii

ind lmmuing w n kn in

un wn iniil dvlmn bgn.

hl Inmin edg mvd in 21

uld avnu, nw f building in

dwnwn Bl ai. Muli-sily hl

Gu nwd i l 1952-1954

pulki higwy 7,400 .

MarkEt IndIcators

Q2 2013 Q3 2013

vacancy

nEt aBsorPtIon

constructIon

rEntaL ratE


16/18.llie.m/meme

aling u




nin wni ny kind, x


limid , wni nn, uy




uPdatE

rEsEarchEr:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


tEL +1 443 543 1222faX +1 443 543 0191

482 f in62 uni n6 ninnUnid s: 140cnd: 42

Lin ami: 20

ai pi: 195eMea: 85



management


0

50

100

150

200

250

300

2009 2010 2011 2012 2013

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 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

Vacancy Rate

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore region - harford county


17/18

research & orecast reportHOWARD COUNTY | BALTIMORE REGION

www.collier.com/greaterbaltimore


MARkET INDICATORs

Q2 2013 Q3 2013

VACANCY

NET ABsORPTION

CONsTRUCTION

RENTAL RATE

Howard County Market Report

MARkET DEfINITION

t hwd cuny ubmk i ld bwn Blim MD nd Wingn, D.c. lng

in I-95 id. t ubmk i mid 378 building nd bu 18,000,000 qu

. In 3d qu 2013 m n 2,000,000 qu w v

t ubmk b n xmly udy Lndld l wi reIt nd ll dvl u

c o pi tu, i pm Mngmn, LLc, Gnl Gw p

abm Dvlmn nd Mi lding k.

MARkET OVERVIEW

ovll vny v jumd 12.8%

m 12.4% nw dlivi i mk i

qu, bu xd b quikly bbd.

t nw dlivi ud ingl y

vny i ig y v

bn in y 11%, nd muliy i

i 13.7%. ovll nl dd

$23.28 m $23.58 . cl a

ld dy $24.19 , cl B

nl dlind $22.80 .

t hwd cuny mk w uy

l ignd, ug n mny

niid. sw cnium, In. ignd

2,600 l clumbi c pk.

Univii s r aiin id

$12.5 millin 7178 clumbi Gwy Div,

90,000 building. riv Buin cmmn

ld nd im in l n y

nu LBln Invmn pn. Ln s

und id $23.6 millin 7021 clumbi

Gwy Div lg quiiin.

auvn nd 15,000 ybuiy

n in elkidg w y will nlid

i Mylnd in. rs& will xnd

in hwd cuny quiing Bk &

c. u D.c. o nin inludd

cnnin admy, wi ignd 15,321

l 8621 rb uln Div, Mdilz

king 11,500 10440 Lil puxn

pkwy, nd IMpaQ Inninl ignd n

5,800 10420 Lil puxn pkwy.


18/18

aling u




nin wni ny kind, x


limid , wni nn, uy




UPDATE

REsEARCHER:

Ndi KlVi pidn, r &

tnin Mngmn | Blim

100 N cl s


TEL +1 443 543 1222fAX +1 443 543 0191


Lin ami: 20

ai pif: 195eMea: 85



management


0

100

200

300

400

500

600

2009 2010 2011 2012 2013

Thousands

et sorption

0.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013

Vacancy Rate

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013


Office (FS)

Flex (NNN)

research & forecast report | Q3 2013 | office use | baltimore region - howard county

3Q2013 CIB Office Reports

Documents