Baltimore
Total Stock (million sq. ft.)
168.3
Vacancy Rate
6.7%
Availability Rate
11.4%
NNN Lease Rate
$6.23
Net Absorption (million sq. ft.)
1.6
168.3
Vacancy Rate
6.7%
Availability Rate
11.4%
NNN Lease Rate
$6.23
Net Absorption (million sq. ft.)
1.6
Metro Area Population
2.8 million
Unemployment Rate
4.6%
Annual Salary - Warehouse
$29,786
% of Pop - Associate Degree and Below
60.4%
% of Pop - Bachelor's Degree and Above
39.6%
2.8 million
Unemployment Rate
4.6%
Annual Salary - Warehouse
$29,786
% of Pop - Associate Degree and Below
60.4%
% of Pop - Bachelor's Degree and Above
39.6%
Airport
Baltimore/Washington International Thurgood Marshall Airport (BWI)
Total Cargo (millions of U.S. tons)
0.26
Seaport
Port of Baltimore
TEU Volume - 2017 (millions)
1.00
Major Highways
I-95, I-695, I-83, I-895, I-795
Number of Intermodal Rail Hubs
2
Number of Class I Rail Lines
2
What is the term of a typical lease?
3-5 Years
How is the rent quoted?
NNN Annual
What is the tenant's option for termination or break?
Typically, the tenant does not have the right to terminate the lease.
Does the tenant have the option to renew? What is the length of the typical option?
Typically, the tenant has the right to renew for 3-5 years.
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 3 to 6 months in advance of lease expiration.
What is the typical rent-free period, if any?
2 months for a 5-year lease.
What is the typical rent escalation?
3%
Does the tenant have the right to sublet?
Yes, with landlord's approval.
3-5 Years
How is the rent quoted?
NNN Annual
What is the tenant's option for termination or break?
Typically, the tenant does not have the right to terminate the lease.
Does the tenant have the option to renew? What is the length of the typical option?
Typically, the tenant has the right to renew for 3-5 years.
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 3 to 6 months in advance of lease expiration.
What is the typical rent-free period, if any?
2 months for a 5-year lease.
What is the typical rent escalation?
3%
Does the tenant have the right to sublet?
Yes, with landlord's approval.
What is the unit of measurement of a typical lease?
Per sq. ft. per year
Does the leasable area include the common area?
No
Per sq. ft. per year
Does the leasable area include the common area?
No
What is the average rent for a warehouse greater than 50K sq. ft.?
$5.50 per sq. ft. per year
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$4.50 per sq. ft. per year
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
$1.50 (Includes taxes, insurance and CAM)
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$0.50-$1.25 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Landlord
What is the typical security deposit?
1 month
How is car/truck parking paid?
Included in rent
Any other occupancy costs?
No
$5.50 per sq. ft. per year
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$4.50 per sq. ft. per year
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
$1.50 (Includes taxes, insurance and CAM)
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$0.50-$1.25 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Landlord
What is the typical security deposit?
1 month
How is car/truck parking paid?
Included in rent
Any other occupancy costs?
No
What are typical agency fees? Who pays them?
4% of the base rent over the term of the lease, paid by landlord.
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
No
4% of the base rent over the term of the lease, paid by landlord.
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
No
What is the typical land tenure?
N/A
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
Approx. $80 per sq. ft.
What is the agency fee and who pays?
5%-6% paid by the seller
What is the typical LTV?
80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Part of the payment is made in the form of a deposit, which is typically non-refundable after the study period has ended. The remaining money owed is paid out at closing.
What are the average transaction (closing) costs?
Transfer and recordation tax of 2%-3% plus attorney and title fees.
N/A
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
Approx. $80 per sq. ft.
What is the agency fee and who pays?
5%-6% paid by the seller
What is the typical LTV?
80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Part of the payment is made in the form of a deposit, which is typically non-refundable after the study period has ended. The remaining money owed is paid out at closing.
What are the average transaction (closing) costs?
Transfer and recordation tax of 2%-3% plus attorney and title fees.
What is the average clear ceiling height?
28'-32'
Average number of dock doors?
15-20 docks per 100,000 sq. ft.
Typical column spacing?
50' x 50'
Average parking ratio?
0.60 - 0.80 / 1,000 sq. ft.
Sprinkler system?
ESFR sprinkler system
What is the typical power supply?
2,000 - 4,000 amps, 480/277 volts 3 phase
28'-32'
Average number of dock doors?
15-20 docks per 100,000 sq. ft.
Typical column spacing?
50' x 50'
Average parking ratio?
0.60 - 0.80 / 1,000 sq. ft.
Sprinkler system?
ESFR sprinkler system
What is the typical power supply?
2,000 - 4,000 amps, 480/277 volts 3 phase
CBRE Americas Industrial & Logistics Occupier Guide