房地产 -2025年第四季度马里兰州郊区工业数据 Suburban Maryland Industrial Figures Q4 2025

CBRE

FIGURES|SUBURBANMARYLANDINDUSTRIAL|Q42025

ModerateActivityinStabilizedMarket

r6.9%

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

62,580

SFNetAbsorption

1.4M

SFUnderConstruction

▲$14.49

AverageNNNAskingRate

MarketactivityinSuburbanMarylandwasabitofamixedbagtoend2025,thoughoverall

fundamentalsremainstable.Despiteminimaloccupancygainsandincreasedvacancy,leasinganddevelopmentactivityremainsstrong,andrentalratescontinuetohoveraroundhistorichighs.

Industrialtenantspostedmodestoccupancygainsofaround63,000sq.ft.duringthefourthquarterandvacancyincreasedslightlyto6.9%.Onepropertydeliveredfullyoccupied,butahandfulofvacantdeliveriescontributedtotherisingvacancy.NopropertiesbrokegroundinQ4,butmultipleprojectsareintheplanningstagesandareexpectedtobreakgroundinthecomingquarters.

Askingratesincreasedquarter-over-quarterduetonewconstructionhittingthemarket.Thatsaid,ratesinpreviouslyexistingspaceremainlargelyunchanged,hoveringnearhistorichighs.However,landlordshavedemonstratedagreaterwillingnesstonegotiatelowerrentalratestomitigatevacancies.Strongdevelopmentactivityisexpectedtokeeptheserateselevated.

FIGURE1:HistoricalSupply&DemandDynamics

MSFVacancy(%)

4

3

2

1

0

20152016201720182019202020212022202320242025

Deliveries(L)NetAbsorption(L)Vacancy(R)

12

10

8

6

4

2

0

Source:CBRE

1CBRERESEARCH©2025CBRE,INC.

FIGURES|SUBURBANMARYLANDINDUSTRIAL|Q42025

2CBRERESEARCH©2025CBRE,INC.

LeasingSnapshot

SuburbanMarylandpostedstrongleasingactivityduringthe

fourthquarter,withgrossleasingvolumetotaling1.5millionsq.ft.Leasingincreasedbyalmost36%quarter-over-quarter,

continuingthetrendofleasingtotalsincreasingeachquarter

thisyear.Further,themarketrecordedfivedealsover100,000sq.ft.inQ4alone,afterrecordingfivesuchdealsacrossthefirstthreequarters.

Wholesale&Retail

Wholesale&retailtenantswerethemostactiveduringthe

fourthquarter.Graybarsignedanewleaseat14301

MattawomanDrive,thecompany’ssecondlocationinPrinceGeorge’sCounty.Meanwhile,FergusonEnterprisesrenewedat8210PennRandallPlace.Thisquarter,wholesalers&retailersaccountedfor33%ofgrossleasing.

BuildingMaterials&Construction

ThelargestdealofthequarterwassignedbySouthland

Industries,whichexpandeditsfootprintinPrinceGeorge’s

county.Southlandoccupiedhalfoftherecentlydelivered14900ElionWay,thelargestavailabilityinthemarket.Thiswasthe

largestdealsignedinthebuildingmaterials&constructionsectorfor2025,bringingyear-endgrossleasingtoabout1.0millionsq.ft.

FIGURE2:SelectNotableQ42025LeaseTransactions

Tenant

Industry

Address

Submarket

LeaseType

SF

SouthlandIndustries

BuildingMaterials&Construction

14900ElionWay

Brandywine/PGSouth

NewLease

400,000

Graybar

Wholesale&Retail

14301MattawomanDr

Brandywine/PGSouth

NewLease

393,440

AstraZeneca

Medical

700QuinceOrchardRd

Gaithersburg

NewLease

171,239

MontgomeryCountyPublicSchools

Government

750ProgressWay

Gaithersburg

NewLease

161,855

PellaCorporation

Manufacturer

12100BaltimoreAve

Beltsville/Calverton

Renewal/Expansion

100,106

SafeliteFulfillment

Auto,Tires,&Parts

87018729RitchieDr

CapitolHeights

Renewal

60,798

FergusonEnterprises

Wholesale&Retail

8210PennRandallPl

PennsylvaniaAveCorridor

Renewal

41,110

TrulyGoodFoods

Food&Beverage

551579CommerceDr

Bowie

Renewal/Expansion

40,000

Wholesale&Retail

BuildingMaterials&Construction

Medical

Government

Manufacturer

Auto,Tires,&Parts

Food&Beverage3PL

Source:CBRE

FIGURE3:Q42025GrossLeasingbyIndustry(SharebySF)

3%2%

7%

33%

11%

13%

27%

4%

Wholesale&Retail

BuildingMaterials&Construction

Medical

Government

Manufacturer

Auto,Tires,&Parts

Food&Beverage3PL

FIGURE4:Q42025GrossLeasingbyIndustry(Shareby#ofLeases)

7%

7%

29%

7%

7%

7%

29%

7%

Source:CBRE

Source:CBRE

FIGURES|SUBURBANMARYLANDINDUSTRIAL|Q42025

3CBRERESEARCH©2025CBRE,INC.

DevelopmentActivity

DevelopmentactivitywasstrongintheSuburbanMaryland

industrialmarket,withmultiplepropertiesdeliveringduringthe

fourthquarter.Mostnotably,TurnbridgeEquitiesfinished

constructiononbuildings1and10attheNationalCapitalBusinessParkinPrinceGeorge’sCounty.Building1,totaling311,000sq.ft.,deliveredvacant,whilebuilding10,wascompletelypreleasedto

SevernGroup.

Nopropertiesbrokegroundduringthequarter,but1.4millionsq.ft.ofspaceremainsunderconstructionacross9properties,allof

whichareexpectedtodeliverin2026.Multipleprojectsare

expectedtobreakgroundinthecomingquarters,includingmorepropertiesattheNationalCapitalBusinessPark,aswellasabuild-to-suitwarehouseinFrederickfromalargee-commercecompany.

FIGURE5:SelectNotableDevelopmentsUnderConstruction

Address

Submarket

SF

ExpectedDelivery

Developer(s)

1640BowmansFarmRd

Frederick

258,129

Q12026

HanoverCompany

550HighlandSt–1

Frederick

256,308

Q32026

MayRieglerProperties

1620BowmansFarmRd

Frederick

249,730

Q12026

HanoverCompany

550HighlandSt–2

Frederick

197,516

Q32026

MayRieglerProperties

5941JeffersonStationCt

Frederick

164,321

Q12026

LincolnPropertyCompany

BeltsvilleLogistics–MuikirkRd

Laurel

147,358|122,606

Q32026

LogisticsPropertyCompany

15400CalhounDr

NorthRockville

100,854

Q22026

TrammellCrowCompany

Source:CBRE

Pricing

16

14

12

10

8

6

4

2

Year-to-date,overallaskingrentalratesreached$14.49persq.ft.perannumonatriple-netbasis(NNN,)withwarehouseaskingratesaveraging$14.22NNN,bothofwhicharehistorichighs.Ratesare

elevatedduetonewconstruction,butratesforexistingspacesawlittlechange,inlinewithindustrialtrendsacrosstheUnitedStates.WiththeSuburbanMarylandindustrialmarketcontinuingtorecordstrongdevelopmentactivity,newprojectsareexpectedtokeep

rateselevated.

OverallAskingRents($/SF)

FIGURE6:HistoricalRentGrowth($/SF)

-

Source:CBRE

16

14

12

10

8

6

4

2

-

WarehouseAskingRents($/SF)

FIGURES|SUBURBANMARYLANDINDUSTRIAL|Q42025

4CBRERESEARCH©2025CBRE,INC.

EconomicOutlook

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributionto

growthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcredit

marketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.

Consumerconfidenceremainsweak,withspendingreportedly

drivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisa

softerlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthis

outlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

FIGURE7:EmploymentGrowthbyIndustry,12-MonthPercentChange

EducationandHealthServicesLeisureandHospitality OtherServices FinancialActivitiesTotalNonfarm

Trade,Transportation,andUtilitiesManufacturingInformation

ProfessionalandBusinessServices

Mining,LoggingandConstructionGovernment

Source:BLS

-5%-4%-3%-2%-1%0%1%2%3%4%

*BasedonFrederick-SilverSpring-RockvilleMetropolitanArea

FIGURE8:UnemploymentRateforSelectedCounties

10%9%8%7%6%5%4%3%2%1%0%

MontgomeryCountyPrinceGeorge'sCounty

UnitedStates

Source:BLS

FIGURE9:ConsumerPriceIndex,12-MonthPercentChange

12%10%8%6%4%2%0%-2%

UnitedStatesWashingtonMetro

Source:BLS

FIGURES|SUBURBANMARYLANDINDUSTRIAL|Q42025

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FIGURE10:KeyMarketStatistics

NNNAskingRent

($/SF)

Inventory(SF)

2025NetAbsorption

OverallVacancyRate(%)

UnderConstruction(SF)

8.2

736,434

14.57

339,964

47,141,148

Warehouse

PrinceGeorge's

Frederick

10,833,200

9.3

90,221

12.23

961,683

Montgomery11,373,8783.5