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.

Read the full report