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Office leasing volume carried by renewals in second quarter

  • ​Without renewals, office leasing volume in the Baltimore metro has declined steadily over the past several quarters. Bank of America’s renewal in Hunt Valley of 337,000 SF of space at 11333 McCormick Road provided the second quarter’s pop in renewal volume.
  • Pullback in leasing has coincided with sporadic and reduced overall growth in key office occupying sectors of the local economy. Year-over-year growth for professional & business services has bounced between one to two percent in 2017, compared to annual growth earlier in the economic recovery of well over five percent.
  • Reduced employment growth and leasing velocity has all led to a reduction in net absorption as well. Through the first half of the year, Baltimore has posted roughly 200,000 SF of positive net absorption, which puts the market on target for well below the long-term annual average of 946,000 SF. As new Class A product has delivered in recent quarters, vacancy has risen 160 basis points to 13.7%.​

Source: JLL Research​

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