The largest leases of the quarter include: Southern Glazer’s 302,894 sq. ft. renewal/expansion at 7001 Quad Avenue (Baltimore County East), a confidential e-commerce user’s 247,860 sq. ft. lease at 5300 Holabird Avenue (Baltimore City), and Baltimore International Warehousing’s 244,304 sq. ft. lease at 5250-5330 Holabird Avenue (Baltimore City).
Driven by strong demand for big-box space, warehouse fundamentals continued to strengthen, with demand outpacing supply for four consecutive years leading the vacancy rate to tighten to an all-time low of 5.4%, down 130 basis points (bps) over the prior year.
With 563,730 sq. ft. delivered in Q1 and an additional 5.3 million sq. ft. under construction, 2019 is expected to be a record year for development activity in the Baltimore industrial market.