Leasing activity continues dramatic decline due to uncertainties caused by COVID-19

As the pandemic continues without a clear end in sight, many tenants are postponing leasing decisions until there is more market clarity. Baltimore’s deteriorating demand has only worsened as 2020 progresses with last quarter marking a five-year low in leasing activity and then Q3 declining further with a new record five-year low. Quarterly leasing activity totaled 402,113 square feet (sf), representing decreases of 14.9% over the quarter and 59.3% year over year. There were 114 office leases signed across the market in the third quarter, averaging about 3,500 sf per lease. The largest leases were completed by McCormick Taylor (23,006 sf) in Baltimore City South, and Chiron Technology Services (19,031 sf) in Howard County.

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