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Office Insight

United States | Baltimore, MD

Report | Baltimore Office Insight - Q1 2011

Summary

With a high concentration of non-cyclical industries and a strategic location between the center of the federal government and the nation’s leading financial hubs, the Baltimore economy has been fairly insulated from the full impact of the economic downturn. The region’s growing government presence and diverse private sector tenant base should continue to insulate the Baltimore market over the next 12 months.
Many downtown tenants seized the opportunity to upgrade from second and third generation space to newer or more efficient workplaces. Several suburban tenants also expanded their footprints in geographically-desirable locations like Aberdeen, Columbia and Hunt Valley. On a broad level, costs rose incrementally as landlords ratcheted back concession packages and in some cases pushed asking rents higher.

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