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Large office block pricing clustering in low to mid $20’s, while higher quality blocks are in shorter supply

• The Baltimore office market has 140 blocks of Class A & B space over 20,000 s.f., split roughly evenly between classes. Block availabilities cluster, however, in the low to mid $20’s full service range, while more expensive options in higher quality, new construction buildings are relatively limited. The average time on market for Class A blocks under $30 full service is 35 months, while above is half of that at only 18 months.

• The trend is most evident in downtown Baltimore, where movement along toward Pratt Street and the waterfront has left vacancy for Class A product below 10 percent. Large blocks persist, however, off Pratt Street along the Baltimore and Charles Street Corridor, where pricing generally falls below $25 full service. The majority of high price blocks today are located in higher leasing velocity micromarkets surrounding Fort Meade in the BWI submarket, and Columbia where rental rates in Downtown Columbia have pushed to new heights.

• While market leverage heavily favors tenants in many instances for commodity large blocks of Class A & B space, options in the upper tiers of the market are increasingly limited.

Source: JLL Research

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