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From suburban owner-user sales to conversions downtown, Class B inventory has shrunk to 2006 levels

  • ​Despite the Baltimore metro area’s Class B office market shrinking by 5.1% since 2012, vacancy has remained elevated near cyclical highs near 16%. The lower tiers of the market have been impacted by a long-standing flight-to-quality and more efficient space.
  • Baltimore’s shrinking inventory of leased Class B office space has been a trend across both downtown and suburban submarkets. Tenants have taken advantage of chronic vacancy in the BWI market to acquire buildings for their own occupancy, most notably the University of Maryland Medical System, which has purchased 205,725 s.f. across two buildings in Airport Square.
  • Multi-family conversions downtown have led the shrinking of the CBD’s inventory. The conversions have brought new residents and retail amenities, but Class B asking rents have declined 4% year-over-year and vacancy remains elevated at 20%.​

Source: JLL Research

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