TAKEAWAYS

• Availability in Baltimore continued to rise to 17.5% in Q2, an increase of 60 basis points (bps) from the previous quarter, driven by ongoing limited demand induced by the pandemic.
• Over a year since the start of the pandemic, the Baltimore market maintains one of the lowest supplies of sublease space available in the country ending Q2 with 1.4 million square feet (msf), up a nominal 0.4 msf from Q1 2020.
• Baltimore leasing activity once again stayed stable at 0.7 msf still hovering below the 5-year average and bouncing back from the worst leasing activity it had seen in half a decade in 2020.
• With COVID-19 vaccinations becoming widespread and employees returning to the office in greater numbers, more companies will begin to reconsider their real estate needs, making decisions that will affect the market well into the future.

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