MARKET TRENDS

• The vacancy rate in Baltimore ended Q2 at 9.1%, a 280-basis-point (bps) increase from the previous year as a decrease in demand persists along with an elevated supply of new space.
• Rental rates slightly increased in Q2, ending at $10.30 per square foot (psf), as landlords are reluctant to make significant rate changes amid rising vacancy rates.
• Construction activity continues to moderate, with the current pipeline totaling to 2.4 million square feet (msf), down from 5.2 msf one year ago. Looking forward, new development is expected to remain constrained in the near term.

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