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The Baltimore market has experienced a notable recovery since the beginning of the
recession in 2008. In fact, since 2009 the Baltimore Metropolitan office-using
employment numbers are up 13.6%. Despite seeing a dip over the last year,
Baltimores overall average asking rents have increased by 7.5% as of Q3 2014 from
Q3 2009. However, the 9.3 million square feet (msf) vacant today only represents a
500,000 sf decline in vacancy compared to Q3 2009.
Occupancy trends are changing from the pre-recession levels. Even with growth in
office-using jobs from 308,250 from Q3 09 to 350,130 in Q3 14, occupancy levels are
up only slightly - 2 bps, over the same period. Those numbers reflect changes in
office environments and working styles that will continue to impact occupancy for
the foreseeable future.
13.6
200
In 2014, the Baltimore office market has experienced a reduction in average deal size,
but there are still some large office users circling the market, with at least 10
currently active. However, Pandora and OneMain Financial have snagged one of the
few contiguous blocks of space over 25,000 sf. Out of the 7 vacant blocks only 2 are
available in the CBD totaling 70,700 sf.
87.50%
360.00
360.00
87.00%
350.00
350.00
86.50%
340.00
340.00
86.00%
330.00
330.00
85.50%
320.00
320.00
85.00%
310.00
310.00
84.50%
300.00
300.00
84.00%
290.00
290.00
280.00
280.00
83.50%
Q3 07 Q3 08 Q3 09 Q3 10 Q3 11 Q3 12 Q3 13 Q3 14
Occupancy
$25.00
$24.00
$23.00
$22.00
$21.00
$20.00
$19.00
Q3 07 Q3 08 Q3 09 Q3 10 Q3 11 Q3 12 Q3 13 Q3 14
Baltimore Office-Using Employment
LAVETTE LAGON
Research Analyst
(410) 685 9243
lavette.lagon@cushwake.com
www.cushmanwakefield.com
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