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News release

BALTIMORE, MD

Baltimore's Total Vacancy Rate Drops to its Lowest Rate Since 2007

JLL Releases Q1 Greater Baltimore Office Market Report


BALTIMORE, APRIL 9, 2015 - The greater Baltimore office market’s total vacancy rate dropped to 13.9 percent in the first quarter, its lowest rate since 2007, according to first quarter market research reports from JLL. While completed lease transaction volume fell over the winter, the first quarter saw a 9.3 percent year-over-year increase in tenants actively searching in the metro area, which suggests the remainder of 2015 should see healthy leasing activity.

"Larger tenants are exploring their options well in advance of their lease expirations due to a lack of existing large blocks of availability," said Mark Levy, Managing Director and Baltimore Market Leader, JLL. "As companies increasingly focus on recruiting and retaining talent with rich and walkable amenities, the CBD and peripheral downtown submarkets have witnessed increased tenant demand."

A diverse set of factors in Columbia South and the BWI submarket helped drive first quarter absorption in the suburban markets. The I-83 Corridor also improved, showing a 15.6 percent year-over-year increase in leasing activity.

While portfolio trades have largely paced investment sales volume in the Baltimore region, several well-leased individual assets have recently been placed on the market, putting office investment activity in the Baltimore metro area on pace for its busiest year since 2007.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.