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Q4 2012 | OFFICE USEHOWARD COUNTY | BALTIMORE REGIONresearch & forecast ReportHoward County Market ReportMarket DefinitionThe Howard County submarket is located between Baltimore and Washington, D.C. and includes thelocal office markets of Columbia, Ellicott City and Maple Lawn. It encompasses all buildings withprimarily office uses in Howard County with the exception of a small area that runs along the southeastportion of the County near Baltimore-Washington International Airport. The submarket is comprisedof 388 buildings and over 18,000,000 square feet of space. In the 4 th quarter of 2012 just over2,000,000 square feet of that space was vacant.market indicatorsQ3 2012 Q4 2012VACANCYNET ABSORPTIONconstructionrental rateMarket OverviewVacancy dropped in the 4 th quarter from 12%to 11.3% showing positive absorption for asecond consecutive quarter. Overall rental ratesdropped from $23.61 psf to $23.09 psf. Singlestory vacancy rates dropped significantly from11.4% to 10.3%, as did multistory propertieswhich hovered at 11.8%. Even with severalmultistory deliveries expected in the next twoyears, absorption in this area is forecasted tostay positive and vacancy rates to decline. ClassA office rates dipped somewhat in the 4 thquarter ending at $23.69 psf, as did Class Boffice rental rates which dropped to $22.88.Howard County continues to show strongactivity, particularly within Columbia as itrelates to sales, leasing and development.Abrams Development Group is currentlyinvolved in a 3 building project – one build tosuit for Rohde & Schwartz, one spec and onemulti-tenant which has been completed and is90% leased. Cormac Corp. expanded at 5950Symphony Woods Road by 3,000 sf, adding tothe 5,500 sf of space they currently occupy.Maple Lawn continues to show strong activityand growth and St. John Properties brokeground on building 5 in the development. NewDay Financial consolidated their operations andmoved into 40,000 sf at 8160 Maple LawnBoulevard. As far as sales activity, Way Station,Inc., a division of Sheppard Pratt, recentlypurchased 9030 Route 108 for $3,680,000.www.colliers.com/greaterbaltimore