The Greater Baltimore office market has remained relatively stable during the recession, receiving consistent rents and positive net absorption rates since 2006. Net absorption rates measure move-ins versus move-outs. In a down market, it is a sign of stability that the Greater Baltimore office market has been able to hold ground.
[Download XLS] our Real Estate Snapshot for more information on the local market.
Below is a snapshot of the current office market:
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Class A and B Office Space in the Baltimore Metro Area (May 2011)
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Existing Buildings
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# Buildings:
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2,979
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% Vacant:
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13.4%
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YTD Net Absorption:
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974,611
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RBA:
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103,489,371
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% Leased:
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88.3%
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YTD Leasing:
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1,710,983
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Average Age (yrs):
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44.2
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% Available:
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16.4%
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YTD Deliveries:
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7
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Buildings Under Renovation
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# Buildings:
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5
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% Vacant:
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69.2%
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YTD Net Absorption:
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42,377
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RBA:
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445,544
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% Leased:
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71.8%
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YTD Leasing:
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0
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Average Age (yrs):
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82.3
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% Available:
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58.8%
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YTD Deliveries:
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0
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Buildings Under Construction
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# Buildings:
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0
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% Vacant:
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0.0%
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YTD Net Absorption:
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0
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RBA:
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0
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% Leased:
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0.0%
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YTD Leasing:
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25,117
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Average Age (yrs):
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-0.4
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% Available:
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86.5%
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YTD Deliveries:
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6
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Source: CoStar Property Analyst. Data Extracted for YTD Q1 of 2011.
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