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TAKEAWAYS
- Baltimore’s availability rate stabilized after five straight quarters of increases, ending Q3 2021 at 17.5%. This represents no change from Q2 2021, but as tenants continue to delay leasing decisions, demand is likely to remain low in the near future.
- The sublease availability rate in the Baltimore market is the lowest in the country at 1.8% with a mere 0.1 million square feet (msf) of space being added from last quarter bringing the total sublease inventory to 1.5 msf.
- Quarterly leasing activity totaled 1.0 msf; the highest it has been since the start of the pandemic, largely due to the John Hopkins Center for Communication Program's sizable lease at 700 E Pratt Street.
- With the COVID-19 Delta variant still prevalent, many occupiers have delayed their return-to-office plans until 2022 or even indefinitely, prolonging the effects of the pandemic.