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 80,000 SF of positive net absorption during 2024. During the first half of 2025, however, the market saw negative activity, with 350,000 SF of negative net absorption, largely due to T. Rowe Price vacating their leased space at 100 E Pratt Street to move into their new headquarters. Although the market’s vacancy remains above the historical average of 14.2%, the vacancy rate has stabilized and remained relatively flat since the end of 2022, ending Q2 2025 at 16.1%.
400 National Business Parkway delivered to the market in the first quarter, adding 138,000 SF of Class A product to the market. There are no properties under construction.
Baltimore Industrial Market
The Baltimore industrial market experienced almost 2.1 MSF of negative net absorption during Q2 2025. Due to this, it ended the quarter at a 7.5% vacancy rate, an expansion of 100 bps quarter-over-quarter and 150 bps year-over-year. Despite this expansion in vacancy, the market remains tighter than the decade-average of 7.6%. Despite average asking rents decreasing slightly year-over-year, they continue to sit near record highs, ending Q2 2025 at $7.99 PSF. Development remains at healthy levels, with the market ending Q2 2025 with over 3.3 MSF of product under construction across 13 properties. This level of construction is slightly above the decade average of 3.2 MSF of space under construction.