TAKEAWAYS

• The Baltimore office market saw a decrease of 60 basis points (bps) in availability from last quarter ending at 17.2%. Despite this improvement, demand will have to increase significantly in the future to bring the rate down to pre-pandemic levels.
• Leasing activity for the third quarter was above its 5-year average of 0.9 million square feet (msf) at 1.0 msf thanks in part to a few large deals closing, most notably the State of Maryland - DPSCS renewing 35,200 square feet (sf) at 6776 Reisterstown Rd in Baltimore City North.
• Sublease supply in Baltimore remains one of the lowest in the country ending the quarter at 1.6 msf, which slightly increased 0.1 msf from last quarter as occupiers continue to evaluate their workplace needs and how their hybrid policies fit into those needs.

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