MARKET TRENDS

• Vacancy continued to climb at the end of 2023, ending at 8.3%, a jump of 210 basis points (bps) from the previous year but only a 20 bps rise from the last quarter, signaling a stabilization in vacancy rates for the market.
• The amount of new projects under construction has hit a five-year low in Baltimore as economic uncertainty continues to play a large role in developers' decision making to initiate new builds.
• Total deliveries of new construction in 2023 ended the year at just over 4.8 million square feet (msf). In the near term, as developers push off breaking ground on new projects, expect the construction pipeline to continue to thin.

Read the full report