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Suburban lease expirations set to rise significantly in coming three years

•Office lease roll is set to peak from 2018 to 2020 in Baltimore’s suburbs, which will likely lead a significant uptick in leasing activity in the coming quarters.

•Tenants in the market face limited existing availabilities currently. Class A vacancy in the suburbs finished 2016 at just 10.9 percent, which is well below the long-term average of 13.6 percent. Asking rental rates expectedly rose by 2.7 percent year-over-year for Class A product.

•Development activity in the fourth quarter in the suburbs climbed to 1.4 million square feet and is 55.8 percent preleased. The additional product will provide needed options for tenants with rolling expirations in the near to mid-term.

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