MARKET TRENDS

• In the first quarter, vacancy rates rose, concluding at 8.7%, a 140-basispoint (bps) increase from the previous year, but only a 40 bps increase from last quarter suggesting the market's vacancy rates are beginning to level off
• Baltimore rental rates have continued to increase ending Q1 at $10.19 per square foot (psf) in part due to the newly delivered space on the market offered at a higher price point.
• Construction activity in the first quarter hit its lowest point since 2019. Looking ahead, with developers delaying the initiation of new projects, it is anticipated that the pipeline for construction will further diminish.

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