Baltimore Metropolitan Area Office Market
After the market experienced almost 1.3 MSF of negative net absorption from 2020 to 2022, the market rebounded in 2023, ending the year with 57,000 SF of positive net absorption. The market continued the positive momentum from 2023, experiencing 360,000 SF of positive net absorption during 2024. During 2025, however, the market saw negative activity, with 260,000 SF of negative net absorption, largely due to T. Rowe Price vacating 435,000 SF of leased space at 100 E Pratt Street to move into their new headquarters. If not for the T. Rowe Price move, the market would have experienced a notable amount of positive net absorption during the year. Although Baltimore’s vacancy remains above the historical average of 14.4%, the vacancy rate has stabilized and remained relatively flat since the end of 2022, ending 2025 at 15.7%. Baltimore office development has slowed steadily since a peak of over 1.9 MSF under construction in 2016, with only one project under construction totaling 63,000 SF.
Download Baltimore Office Market Report 4Q25
Baltimore Industrial Market
The Baltimore industrial market ended Q3 2025 at an 8.1% vacancy rate after experiencing almost 560,000 SF of negative net absorption during the quarter, leading to an expansion of 20 bps quarter-over-quarter. Despite this expansion in vacancy, the market remains in line with the decade average of 7.7%. Despite average asking rents decreasing slightly year-over-year, they continue to sit near record highs, ending Q3 2025 at $8.05 PSF across all product types. In terms of product type breakdown, warehouse/distribution, general industrial, and flex product saw average rents ending the quarter at $7.52 PSF, $8.72 PSF, and $11.79 PSF, respectively. Development levels continue to increase, as the market ended Q3 2025 with almost 4.3 MSF of product under construction across 21 properties. Construction levels have elevated far above the decade average of 3.2 MSF of space under construction.