Asking rents hold at pre-pandemic rates, even as more supply hits the market

In the first quarter of 2021, the average asking rent stood at $24.62 per square foot (psf) in the Baltimore market, the highest rate the market has seen to date. This rate reflects increases of 1.5% over last quarter and 2.5% year-overyear despite the impacts of COVID-19 still in effect. Class A rents in the market increased 0.2% over the quarter and increased 0.4% over the year, to $26.90 psf. CBD rents increased by 1.6% to $23.71 psf over the year, while suburban rents increased 3.5% to $25.42 psf over the same period. The moderate rise in asking rents is more of a function of new product being added to the market at the same asking rates seen pre-pandemic, rather than landlords actually increasing asking rents. Landlords keeping asking rents at these rates may show their confidence in the future of the Baltimore market.

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