Baltimore Industrial Figures Q1 2026

In Q1 2026, net absorption measured 796,000 sq. ft. of occupancy loss, down 343,000 sq. ft. from the net absorption recorded in Q4 2025. The vacancy rate increased to 8.7% quarter-over-quarter, up 100 basis points (bps) from 7.7% a year earlier. Availability declined 0.2 percentage points from the previous quarter to 13.0% yet remained 1.2 percentage points above the level in Q1 2025, consistent with more space being marketed than a year ago.

On the supply side, no properties delivered in Q1 2026, down from the 1.2 million sq. ft. spike in product in Q4 2025. The construction pipeline totals 1.5 million sq. ft., increasing quarter-over-quarter with three recorded groundbreakings. Speculative building has declined since 2024 due to ongoing economic turbulence.