Leasing activity jumped in the fourth quarter, bolstered by a few large transactions
The total leasing activity in the Baltimore market was a little over 700,000 square feet (sf) in Q4, representing a sharp increase of 81.2% over the quarter. While this is still a 27.6% decrease year over year, it was a much-needed jolt of activity for the market since it hit a five-year low in Q3. However, this increase in Q4 transaction volume is not enough to reverse the impact that COVID-19 has had on the Baltimore office market throughout the year. The bump in leasing activity primarily came from a few significant lease transactions in Howard County rather than a sustainable change in market sentiment. Maxim Healthcare Services leased 146,792 sf at 7223, 7225, and 7229 Lee Deforest Drive and KBR, Inc. leased 79,194 sf at 8120 Maple Lawn Boulevard.