MARKET TRENDS

• Baltimore's vacancy rate reached 8.6% at the end of Q3, marking a 50- basis-point (bps) increase from the previous year, as demand remains soft amid economic concerns.
• Rental rates saw a slight uptick in Q2, closing at $10.29 per square foot (psf), as landlords remain hesitant to implement major rate adjustments due to increasing vacancy rates.
• Construction activity remains healthy, with the current pipeline totaling 3.0 million square feet (msf), up from one year ago but still down from the peak in 2022 of 6.4 msf.

Read the full report