TAKEAWAYS

• The availability rate in the Baltimore market decreased for the first time since the start of the pandemic to 17.0%, a small decline of 50 basis points. With the spread of new variants of the COVID-19 virus, demand continues remain low into the near future.
• Leasing activity returned to below the 5-year leasing average of 0.8 million square feet (msf) ending the quarter at 0.7 msf much like it has seen throughout the pandemic. With uncertainty still in the air about the future of office space many tenants are still waiting to make serious decisions about their office needs.
• The full impact of a mainstream hybrid remote work policy has not yet been felt, but flexibility in regard to both lease terms and build-out, will be at the forefront of occupiers’ minds as they evaluate their workplaces going forward.

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