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Office development pipeline winding through first three quarters of 2017

  • ​Following major groundbreakings last winter for M&T’s regional headquarters downtown and McCormick & Company’s corporate headquarters in Hunt Valley, office development starts have slowed down drastically in 2017. The two projects combined total 554,495 SF and comprise nearly 55% of the development pipeline.
  • Developers have pulled back on starts as the market gradually absorbs the new wave of product that has delivered in the past 18 months. After delivering at the end of 2016, St. John’s 100,000 SF speculative project at 10170 Junction Drive landed its first tenant at the close of the third quarter. Interclypse Inc, a software company, plans to relocate from Hanover to 6,300 SF at 10170 Junction Drive.
  • Pending major preleasing from tenants in the market, additional groundbreakings are unlikely outside of submarkets with tight Class A dynamics, including Annapolis, Columbia and South Baltimore.​​

Source: JLL Research

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