Baltimore Metropolitan Area Office Market
After the market experienced almost 1.2 MSF of negative net absorption from 2020 to 2022, the market rebounded in 2023, ending the year with 46,000 SF of positive net absorption. The market continued the positive momentum from 2023, experiencing 83,000 SF of positive net absorption during 2024. Although the market’s vacancy remains above the historical average of 14.1%, the vacancy rate has stabilized and remained relatively flat since the end of 2022, ending 2024 at 15.6%. Development has been muted the past few years, which continued in Q4 2024 with no deliveries. Furthermore, there are three properties totaling 588,000 SF under construction, well below the market’s decade average of 800,000 SF under construction
Download Baltimore Office Market Report 4Q24
Baltimore Industrial Market
The Baltimore industrial market experienced almost 1.2 MSF of negative net absorption during 2024 and ended the year at a 6.3% vacancy rate, an expansion of 110 bps year-over-year. Despite this expansion in vacancy, the market remains much tighter than the long-term average of 8.6%. Class A product saw 43.2% of overall leasing volume during 2024. This is slightly higher than the decade average of 42.3% and highlights the elevated interest in quality Class A space by occupiers. Despite average asking rents decreasing slightly year-over-year, they continue to sit near record highs, ending 2024 at $8.21 PSF.