Newmark Knight Frank Q4 Office Market Report for Baltimore
Posted February 7, 2012
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The Baltimore office market continued the steady improvement in the fourth quarter that it had shown throughout 2011, according to the Newmark Knight Frank Baltimore Office Market Report for the fourth quarter of 2011.
The report can be read in its entirety by clicking on the Full Screen button at the bottom of the SCRIBD document below.
The Baltimore market experienced positive net absorption for the sixth consecutive period, with 497,378 square feet of office space taken up in the fourth quarter. The total net absorption for 2011 ended at 1.6 million square feet.
The vacancy rate dropped to 14.7 percent in the fourth quarter from 15.2 percent in the third quarter and was down from 16.3 percent one year ago.
Average asking rents decreased to $21.99/sf in the fourth quarter from $22.06/sf in the third quarter and were down from $22.27/sf recorded one year ago.
There was 110,362 square feet of new office space delivered to the market in the final quarter of 2011 with 681,951 square feet of space remaining under construction.
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