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Share of office leasing has turned increasingly towards southern suburban submarkets

• Howard County and Anne Arundel County have driven a disproportionately large share of leasing activity in recent quarters. The counties comprise a third of Baltimore’s leased inventory, but have driven over half of the area’s leasing volume for the past 2 quarters.

• The southern suburbs have drawn demand from a range of industries, including defense contractors, healthcare contractors, education, cybersecurity and technology firms. The end of 2017 was particularly active, with 3 transactions over 100,000 s.f.  landing in Howard and Anne Arundel County.

• The increased leasing activity has helped to absorb the 863,412 s.f. of new product that delivered in the southern suburbs last year, which grew Class A supply by 5.6% in 2017. Class A vacancy in the southern suburbs has remained at 11.5%, which is near cyclical lows despite the new additions.

• Columbia is best positioned to experience further rental rate growth, as Maple Lawn pursues speculative development, and Downtown Columbia transforms into an urban walkable environment.

Source: JLL Research

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