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Suburbs driving reload for Baltimore office development pipeline

  • ​Groundbreakings in the first quarter of 2018 in suburban submarkets are set to extend the trend of a reloading construction pipeline across the Baltimore metro area. The largest additional start scheduled to move forward in the first quarter is Howard Hughes’ next building in Downtown Columbia at 6100 Merriweather Drive. The 320,000 s.f. building is 50% preleased to Tenable, who is relocating and expanding from Columbia South.

  • Outside of Downtown Columbia, St. John Properties has moved forward on additional starts from Baltimore County East to Annapolis. In the BWI North, St. John is underway on the first multi-story ground up development in the submarket since 2009.

  • The addition of another 1.5 m.s.f. of supply over the next two years will likely push additional large blocks of second generation space as tenants relocate to new construction. Class A direct vacancy across the metro area has risen from 9.7% in 2009 to 12.1% in Q4 2017, and additional supply will drive vacancy above its long-term average of 12.3%.​

Source: JLL Research​





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