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Mackenzie Market Report THIRD QUARTER | 2014 MacKenzie Market Report Office Market www.mackenziecommercial.com BALTIMORE oFFICE oVERVIEW THIRD QUARTER | 2014 Regional Offi ce Market Turns the Corner in Q3 Presented by Anirban Basu, Sage Policy Group, Inc. Historical Vacancy Rates As followers of the local economy know, Maryland has emerged as an economic laggard. The state’s unemployment rate is now 0.3 percentage points above the national average. Three years ago, Maryland’s unemployment rate was 1.5 percent below the national average and the state could boast of its resilience during the Great Recession. No more. Recently released gross state product data indicate that Maryland’s economy failed to expand last year even as national output expanded nearly 2 percent. Maryland’s ranked 49th in the nation in terms of gross state product expansion, ahead of only Alaska’s more volatile and much smaller economy. Over the past twelve months, Maryland ranks 44th among the 50 U.S. states in terms of percentage job growth – 45th if one includes the District of Columbia. That said, to the extent that there has been evidence of growth in Maryland, it has generally taken place in the Baltimore metropolitan area, also home to the best baseball and football in the region. According to the Bureau of Labor Statistics, the Baltimore region added 24,600 jobs between August 2013 and August 2014, which represents 1.9 percent employment growth, precisely the rate of growth observed nationally for the same period. Not surprisingly, the Baltimore region’s offi ce market has emerged as one of Maryland’s more respectable economic stories, though hardly a fabulous one. During the third quarter of 2014, net absorption totaled 63,722 square feet (sf) regionally. It was a tale of two submarkets, however, with Baltimore City + City Center sustaining -96,728 sf of net absorption, and suburban markets tallying 160,450 sf of positive net absorption. Vacancy in City Center stands at 18.2 percent, while suburban vacancy stands at 14.6 percent. The best submarket performer on a quarterly basis was the I-83 Corridor, which net absorbed nearly 113,000 sf. Year-to-date, that market has net absorbed nearly 189,000 sf, ranking second to regional leader Columbia (+244,898 sf). Quick Stats 14.75% 20.00%63,722 $22.04 Vacancy Rate VacancyAbsorption Rate Avg. Rental Rate The overall direct vacancy rate for Strong absorption over the traditionally slow Average rental rates for the region have the Baltimore MSA remained virtually summer months helped boost year to date remained steady with the exception of the unchanged, decreasing a mere 0.2 percent absorption to a total of 364,803 sf. This Class A+ submarket in Baltimore's City from 14.77 percent in the second quarter absorption number does not include owner- Center which saw a $2.73 psf increase of 2014 to 14.75 percent in the third. occupied absorption that has occurred over from an average $25.48 psf to $28.21 psf. Reductions in the Baltimore County East and the course of the year which has contributed Overall, the region saw a $0.08 percent I-83 Corridor were offset by an notable 2.32 more than an additional 350,000 sf of space increase from the second quarter to $22.04 percent increase in the Annapolis market absorbed by companies consolidating into a marking a $0.27 decrease from the same from 12.90 percent to 15.22 percent. single tenant location. period one year ago. www.mackenziecommercial.com * All information furnished regarding property for sale, rent, exchange or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and all such information is submitted subject to errors, omissions, or changes in conditions, prior sale, lease or withdrawal without notice. All information should be verified to the satisfaction of the person relying thereon. Portions of the base statistics are from CoStar Property data. Data as of 3/2014. BALTIMORE oFFICE oVERVIEW THIRD QUARTER | 2014 Vacancy Rates % Vacancy Rates % Absorption/Vacancy Rates Absorption Rates Rental Rate/Vacancy Rates Rental Rates Northern Metro Downtown Southern Metro Northern Metro Downtown Southern Metro The Harford County submarket continues to struggle with a vacancy rate in Average rental rates remained consistent with any notable increases in the mid-twenties while neighboring submarket Baltimore County East saw the individual submarkets offsetting losing in others. Class A+ product in a 1.73 percent decrease in vacancy over the quarter. The Southern Metro Baltimore's City Center currently commands the highest average asking market remain statistically unchanged even as the Annapolis and Route rental rate at $28.21 psf while the remainder of the region is in the low 2 Corridor submarkets experienced increases in vacancy rates. Class A+ twenties per square foot. Notable increases in average asking rates product in the City Center has dipped below a healthy 10 percent to 9.12 occurred in the Baltimore County East and Baltimore City East submarkets. percent. Highlights • Full-service wealth management and retirement plan consulting fi rm • 6031 University Boulevard has signed Revere Bank to an 8,401 sf. Greenspring Wealth Management, Inc. has expanded to 6,086 square • AOL subsidiary Advertising.com is relocating from Tide Point to 45,000 feet within 501 Fairmount Avenue bringing the four-story, 88,000 sf in the National Bohemian complex in Brewers Hill. Located at 3700 square foot to 88 percent occupancy. Two additional unconfi rmed O'Donnell Street the fi rm plans to open its new offi ces in the spring of lease transactions are expected to bring the building to 97 percent 2015. occupancy in the fourth quarter of 2014. • Law fi rm Hudson Cook LLP signed a long-term lease for 20,536 • Corporate Offi ce Properties Trust has continued its portfolio sf at 7037 Ridge Road in Hanover, Maryland. Part of the Station consolidation exercise completing three separate sale transactions Ridge offi ce park, the Class A building is Leadership in Energy and over the quarter for a combined value of $28,750,000. The properties Environmental Design (LEED) Gold certifi ed and within walking include 4969 & 4979 Mercantile Road, 5020, 5022, 5024 and 5026 distance to the Amtrak and MARC train station outside Baltimore/ Campbell Boulevard, and 9930 & 9940 Franklin Square Drive. Washington International Airport. Number of Buildings 1,227 Market Size 76,497,016 sf Criteria: MacKenzie tracks buildings that meet the following requirements and identifies these buildings as true reflectors of commercial real estate activity within the Baltimore Metropolitan Statistical Market (MSA). Office: Buildings 15,000 square feet (sf) in size and greater in the Metro areas within Anne Arundel County, Baltimore City, Baltimore County, and Howard County, buildings 20,000 sf in size and greater within Baltimore’s City Center, buildings 10,000 sf in size and greater in the Metro areas within Harford County, and buildings 5,000 sf in size and greater within Annapolis city limits. MacKenzie does not track owner occupied buildings or buildings lease exclusively to medical tenants. www.mackenziecommercial.com * All information furnished regarding property for sale, rent, exchange or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and all such information is submitted subject to errors, omissions, or changes in conditions, prior sale, lease or withdrawal without notice. All information should be verified to the satisfaction of the person relying thereon. Portions of the base statistics are from CoStar Property data. Data as of 3/2014. BALTIMORE oFFICE oVERVIEW THIRD QUARTER | 2014 Notable Transactions Lease Location Submarket Tenant Amount Leased SF 5585 Sterrett Place Columbia QSSR 120,000 sf 250 W. Pratt Street City Center Pandora Jewelry 87,682 sf 6956 Aviation Boulevard BWI Skyline Technologies 28,753 sf 6170 Guardian Gateway Harford County DRS Technologies 15,000 sf Sale Location Submarket Price PSF Building Size SF 7031 Columbia Gateway Drive Columbia $59,508,000 $240.32 247,624 sf 5233 King Avenue (Condo) Baltimore County East $1,039,400 $243.53 4,268 sf 954 Ridgebrook Road (Condo) I-83 Corridor $362,790 $145.12 2,500 sf www.mackenziecommercial.com * All information furnished regarding property for sale, rent, exchange or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and all such information is submitted subject to errors, omissions, or changes in conditions, prior sale, lease or withdrawal without notice. All information should be verified to the satisfaction of the person relying thereon. Portions of the base statistics are from CoStar Property data. Data as of 3/2014. THIRD QUARTER | 2014 MacKenzie Market Report Office Submarkets www.mackenziecommercial.com Annapolis THIRD QUARTER | 2014 "The Annapolis office market in the 3rd quarter showed cyclical Vacancy Rates % slowing at the end of the summer. Tenants and buyers took a Rental Rate/Vacancy Rates Rental Rates vacation from what had been an active market for the first seven months of the year. The end of vacation and the return of school has helped push activity back in the market for September. The West Street corridor is experiencing good activity with deals competed at 1730 West Street (The Tate Building), Park Place, 125 West Street, and the potential sale of an undisclosed Class A Office Building. The last quarter of 2014 should be active with a handful of new to the market tenants looking for space as well as existing tenants in growth mode." - Justin T. Mullen Vice President 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 Quick Stats 15.22%Vacancy Rate -91,73520.00%VacancyAbsorption Rate Avg.$23.24 Rental Rate Annapolis' vacancy rate rose 2.32 percent The submarket suffered it's largest negative The average rental rate for the Annapolis from the second quarter's 12.90 percent to absorption since 2009 as more than 90,000 submarket remains among the highest in 15.22 percent.
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