MARKET TRENDS

• Vacancy increased by 110 basis points (bps) at the start of the year to a total of 7.3% ending Q1 with one of the largest quarterly increases in the last 5 years.
• Rental rates in Baltimore have consistently risen year over year by historic values finishing Q1 at $8.41 per square foot (psf) a 10.2% increase from Q1 2022.
• Construction deliveries continued to boom in Q1 with 2.3 million square feet (msf) completing, well over double that of one year ago and 92% higher than the 5-year average.

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