Rapidly evolving COVID-19 pandemic shuts down Baltimore market

COVID-19 has caused a public health crisis unlike anything we have seen before, swiftly crossing the globe and reaching Baltimore at the end of Q1. Governor Larry Hogan of Maryland issued a stay-at-home order for the state on March 30th, 2020. Businesses were forced to close and shift to remote work – leaving nearly all office buildings in Baltimore unoccupied. While many tenants in a position to make real estate decisions have hit pause to reassess their needs, it is important to remember that times of uncertainty can create unexpected opportunities for tenants. 2019 had seen consistent tightening in availability down 130 basis points year-over-year, closing at 15.4% in Q1. An economic downturn could provide additional space options for occupiers to choose from and shift availability back towards the tenant’s favor.

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