Publication

Baltimore 2019 Q1 Office Market Report

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Availability rates remain high, with plentiful options in many submarkets

Overall availability in Baltimore declined year-over-year, down 60 basis points to 16.8% in the first quarter of 2019. Class A availability held flat over the year, seeing a 10-basis-point increase from Q1 2018, now at 18.7%. Options, in general, remain plentiful and conditions vary greatly by submarket. Overall availabilities range from just 5.5% in Baltimore City North to 35.1% in Harford County. Total market inventory is 84.3 million square feet (msf), with 653,737 square feet (sf) - 0.8% of inventory - under construction, of which 40% has been pre-leased. Baltimore’s CBD saw some tightening over the year with overall availability declining 310 basis points to 20.2% in the first quarter. However, class A availability in the CBD increased 170 basis points year-over-year, as Wills Wharf is set to deliver 232,773 sf in January of 2020.

 

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