Market Trends

• Vacancy climbed 110 basis points (bps) from Q3, accelerating upward to end the year following two large speculative deliveries: Elion Logistics Park –Building 1 and Queens Court West –Building 11, which together total 1.1 million square feet (msf).
• Net absorption notched a marginally positive quarter but was not enough to offset vacancy gains. The largest move-out of the quarter could be found in the Prince George’s submarket as SpartanNash shuttered operations at 6304 Sheriff Road.
• Data center development in the market leads the construction pipeline to favor built-to-suit projects. As the current pipeline is nearly 60.0% built-to-suit, expect near-term net absorption to remain in the green.

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