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Maryland Industrial Report Q2 2022

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Market Overview - I-95 Corridor

Prince George’s County continued to be relatively quiet for executed leases. One of the most notable deals was the LaserShip lease on Fallard Drive in Upper Marlboro for 115,500 square feet. LaserShip has been active in the Mid-Atlantic region recently relocating and increasing their distribution center size in Chantilly. 
While tenant leasing activity was not as robust as the last several quarters, multiple large deals were signed in the second quarter and the market is poised to have a strong second half of 2022. The largest deal of the quarter was Baltimore International Warehouse & Transportation’s pre-lease at Aviation Station in Middle River for 598,000 square feet. Other large leases include Infarm at 8700 Robert Fulton Drive for 183,853 square feet and Alcon’s renewal at 6740 Business Parkway in Elkridge for 142,008 square feet. 

Market Overview - Washington County / Hagerstown

The Washington County/Hagerstown market had 71,052 square feet of positive demand during the second quarter of 2022. Vacancy ended the quarter at 12.9 percent, an increase from 6.7 percent last quarter. This was caused by the delivery of two new projects that were vacant at the time of completion. Creekside Logistics Center and Hagerstown Crossroads at I-81 delivered over 1.5 million square feet. At the end of the quarter, just over 2.7 million square feet was under construction. Overall asking rental rates increased in the Washington County/Hagerstown market, ending at $5.75 per square foot.

Market Overview - Frederick County

The Frederick County industrial market registered 29,210 square feet of positive absorption in the second quarter compared to 24,733 the previous quarter. Overall vacancy decreased slightly to end the quarter at 4.8 percent, down 30-basis points from this time last year. After adding over 850,000 square feet of new inventory in 2021 this year has yet to deliver any properties but 750,000 square feet is expected to deliver by the end of 2022. 

Market Overview - Montgomery County

The Frederick County industrial market registered 29,210 square feet of positive absorption in the second quarter compared to 24,733 the previous quarter. Overall vacancy decreased slightly to end the quarter at 4.8 percent, down 30-basis points from this time last year. After adding over 850,000 square feet of new inventory in 2021 this year has yet to deliver any properties but 750,000 square feet is expected to deliver by the end of 2022. 


Port of Baltimore

Maryland Industrial Report Q2 2022

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