Following 2017’s record year with 6.6 million sq. ft. of net absorption, market momentum remains strong with another 3.9 million sq. ft. of occupancy gain in 2018, the market’s second highest yearly volume ever recorded.
Leasing activity totaled 13.7 million sq. ft. in 2018, with 31 leases signed greater than 100,000 sq. ft., of which 17 were new market entrants and relocations.
3.9 million sq. ft. of new product delivered in 2018 at 41% preleased. The development pipeline remains robust with 4.3 million sq. ft. set to deliver in 2019 and an additional 4 million sq. ft. of proposed projects.
The largest 2018 leases include: Floor & Décor’s 1.5 million sq. ft. build-to-suit at Tradepoint Atlantic (Baltimore County East); Fila’s 731,862 sq. ft. renewal/expansion at 7629-7630 Gambrills Cove Road (Baltimore/Washington Corridor); and Kuehne + Nagel’s 656,880 sq. ft. lease at the 1100 Woodley Road development (Harford/Cecil).