Columbia, MD Market TrendsBETA

Asking prices for multifamily properties have fallen 3.4% to $63,737 per unit over the past quarter. However, over the past year asking price have risen 1.9%. Asking prices for multifamily properties hit a three-year peak in December 2005 at $84,998 per unit. In comparison, the current median asking price is down by 25%. The lowest asking price in the past three years was $59,678 set in October 2010.

For office properties in the metro area, the average asking price was $154.88 per square foot for the month. This represents a decrease of 8% year-over-year as well as a decrease of 1.4% compared to the end of the fourth quarter of 2011. This month, asking prices for office properties are at their lowest in three years. The previous three-year low was $156.13, set last month.

The average asking price for industrial properties in the metro area was $75.95 per square foot for the month. This is down 11% from the previous year, and down 2% from the end of the fourth quarter of 2011. In September 2008, the asking prices for industrial properties were at their highest in the past three years at $96.57 per square foot. In comparison, the median asking price is now 11.6% lower. The lowest asking price over the past three years was $71.51 in October 2006.

Asking prices for retail properties rose to $175.83 per square foot, a 1.5% increase compared with the end of the last quarter. For the year, asking prices are up 7.1%. Asking prices for retail properties reached a three-year high in May 2006 at $196.78 per square foot. The current median asking price is 7.9% lower. The lowest asking price in the past three years was $161.87 set in April 2011.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 4% to $37,913 per unit. The highest median sale price during the past three years was $81,805, set in September 2009. The current median sale price is 53.7% lower. However, the current price is 36.5% higher than the three-year-low set in November 2011. The median sale price of the multifamily properties in the metro area has grown for the fifth straight month. When the streak started in November 2011, the median sale price was $27,767.

Median sale price per square foot for retail properties in the metro area is currently in a 10 month downward trend, but the rate of decline has slowed in the last month. Sale prices per square foot for retail properties dipped to $65.22, a 12.2% decrease compared with the end of the prior quarter. Sale prices are also down for the last 12 months, showing a 21.9% decrease. The metro area saw its median sale price fall to its three-year low this month. The previous low of $66.61 was set last month.

The number of multifamily properties for sale has seen a month-over-month rise of 4.8% over five consecutive months but has yet to offset the decline of 12.5% over the past year.

For five consecutive months, the number of office properties available has seen a month-over-month decline, 7.5% overall. The number of available office properties has fallen by 0.4% over the last year in the Baltimore Metro Area.

For the past three months, the number of of industrial properties for sale has been on the rise month-over-month, increasing 6.5% over that period. Available industrial properties in the Baltimore Metro Area rose to a new three-year high in March. Industrial properties available was at its previous high in November 2010. The number of available industrial properties has risen by 9.1% in the Baltimore Metro Area over the past year.

This is the second month of an increase in retail properties for sale in the metro area, representing a 0.9% increase. Over the past year, the number of retail properties available in the Baltimore Metro Area has gone up by 4%.

Interest on LoopNet for multifamily properties listed in the Baltimore Metro Area has fallen by 9.4% since December 2011, 26.9 percentage points less than the 17.5% increase in the national average. Conversely, interest rose 20.7% over the past year. The yearly change ranks the Baltimore Metro Area sixteenth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Baltimore Metro Area market, rising 30.2% since December 2011, 8.4 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 29.8% over the past year. The yearly change ranks the Baltimore Metro Area twelfth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Baltimore Metro Area market, rising 44.9% since December 2011, 22.5 percentage points more than the 22.4% increase in the national average. Demand for industrial properties also increased by 25.9% over the past year. The yearly change ranks the Baltimore Metro Area twenty-fourth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Baltimore Metro Area market, rising 21.1% since December 2011, 1.5 percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 24.3% over the past year. The yearly change ranks the Baltimore Metro Area twenty-third out of the top 48 metros.

The square footage available for sale in the metro area is in a four month downward trend month-over-month for office properties. The square footage available for sale marks a 0.4% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards.

Industrial properties in the metro area have seen a 17.8% rise in the average available square footage for sale over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in.

The available square footage for retail properties has been on the rise month-over-month for two consecutive months, increasing 0.8% over that time. This, however, has yet to offset the 8.8% drop seen in the past year. The square footage available for sale for retail properties in the metro area decreased 8.8% year-over-year and 6% compared to the end of the fourth quarter of 2011. Soft market conditions are likely to persist as inventory is staying on the market longer. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

For the past two months, number of units available has declined month-over-month for multifamily properties, a 3.3% decrease, but this was not enough to offset the 98.5% climb seen in the past year. Number of units for multifamily properties has risen 44.2% versus the end of last quarter. For the year, number of units is up 98.5%. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The time on market for multifamily properties in the Baltimore Metro Area is 120 days, down by 9.6% from last year. Overall in Maryland the time on market has dropped by 6.6% during the same time period. Metro days on market is down 46.8% from its highest point in December 2009.

Days on market for office properties in the Baltimore Metro Area fell 31.3% from last year, to 196 days. At the state level, time on market has fallen by 18.8% during the same time period. When put next to the highest days on market established in October 2011, it has now decreased 34.6%.

Over the past year, the time that industrial properties stay on the market in the Baltimore Metro Area has declined 11.9% to 232 days. In Maryland overall, the time on market fell even more as a percentage, by 14.6%, to 239. From its lowest point in April 2009, the number of days on market have increased 36.6%.

Compared with a year earlier, retail properties in the Baltimore Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. They now last 211 days on the market at the metro level, an increase of 20.1% year-over-year. For the state, these properties are on the market for 206 days, 19.1% longer than last year. Days on market hit a new high this month. The previous high was established last month at 205 days. Days on market for retail properties has been on an upward climb over the past eight months.

For office properties in the metro area, the average asking lease rate was $18.60 per square foot for the month. This represents a decrease of 1% year-over-year as well as a decrease of 0.7% compared to the end of the fourth quarter of 2011. In August 2008, the asking lease rates for office properties were at their highest in the past three years at $19.47 per square foot. In comparison, the median asking price is now 10.1% lower. The lowest asking lease rate over the past three years was $16.89 in December 2005.

Lease rates for industrial properties have gone up from the end of last quarter, rising 2.2% to $6.75 per square foot. Asking lease rates rose 4.5% over the past year. In July 2007, the lease rates for industrial properties were at their highest in the past three years at $8.39 per square foot. In comparison, the median asking price is now 8% lower. The lowest asking lease rate over the past three years was $6.33 in July 2010.

The average asking lease rate for retail properties in the metro area was $17.81 per square foot for the month. This is down 4.4% from the previous year, and down 1.9% from the end of the fourth quarter of 2011. Asking rates for retail properties reached a three-year high in May 2009 at $20.39 per square foot. In comparison, the current median asking price is down by 2.3%. On the other hand, the lowest asking lease rate in the past three years was seen in February 2007 at $17.61.

There has been a five month drop in the number of office spaces available month-over-month in the metro area, representing a 6.1% downward movement. Over the past year, the number of office spaces available has dropped by 6.5% in the Baltimore Metro Area.

For the past two months, the number of of industrial properties for lease has been on the rise month-over-month, increasing 5.5% over that period, but it was not enough to offset the 13.6% decline seen in the past year.

This is the fourth month of a month-over-month downward trend in available retail spaces in the metro area, a 5.2% decline. There has been a 4.3% drop in available retail spaces over the past year in the Baltimore Metro Area.

Demand on LoopNet for office properties spiked in the Baltimore Metro Area market, rising 34.6% since December 2011, 5.9 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 28.6% over the past year. The yearly change ranks the Baltimore Metro Area twenty-ninth out of the top 48 metros.

Baltimore Metro Area ranks fifth out of the top 48 metros in terms of interest growth for industrial properties listed on LoopNet over the past year. Demand has increased 49.4% during that time. Demand on LoopNet for industrial properties spiked in the Baltimore Metro Area market, rising 35.8% since December 2011, 9.9 percentage points more than the 25.8% increase in the national average.

Demand on LoopNet for retail properties spiked in the Baltimore Metro Area market, rising 29.9% since December 2011, 4.6 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 32.1% over the past year. The yearly change ranks the Baltimore Metro Area twelfth out of the top 48 metros.

For the past seven months, available square footage has declined month-over-month for office properties. The square footage available for office properties in the metro area represents a 11.6% decline over the past year.

The month-over-month rise in available square footage for industrial properties is now in its second month, representing a 1.7% increase, but is insufficient to offset the decline of 22.8% over the past year. The square footage available for industrial properties in the metro area decreased 22.8% year-over-year and 2.4% compared to the end of the fourth quarter of 2011.

The square footage available in the metro area is in a seven month downward trend month-over-month for retail properties. The square footage available for retail properties in the metro area has fallen 13.5% over the past year.

The time on market for office properties in the Baltimore Metro Area is down 0.7% from last year, to 255 days. During the same period, days on market in Maryland have dropped 0.4%. Compared with April 2009, when time on market was its shortest, it has climbed 36.1%.

The time on market for industrial properties in the Baltimore Metro Area is 136 days, down by 42% from last year. Overall in Maryland the time on market has dropped by 11.6% during the same time period. This month, time on market for these properties hit a new low point.

Retail properties in the Baltimore Metro Area stay on the market for 170 days, which is 33.6% shorter than last year. At the state level, time on market has fallen by 6.1% during the same time period. This month, days on market in the metro area fell to a new lowest point.