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Conversions and development have shifted concentration of downtown office inventory

• Office supply trends have followed tenant demand, albeit lagging, as the share of office inventory downtown south of Lombard Street has nearly overtaken supply in the traditional CBD north of Lombard Street. Leased office buildings from Pratt Street to Harbor Point now make up 47% of the downtown market, compared to just 31% in 2000.

• While additional buildings are set to exit the inventory in the coming quarters, including most notably 231 E Baltimore Street, 1 Light Street will be the first building to deliver north of Lombard Street in over 25 years. The 66% preleased mixed-use tower will bring 234,495 s.f. of new product to the Baltimore Street Corridor.

• Despite the reduction in inventory, vacancy along the Baltimore and Charles Street Corridors remains well above 20%, putting market leverage firmly in favor of tenants. Additional capital reinvestment from office building owners and street-level retail following multifamily demand will be vital to growing office occupancy in the traditional CBD.

Source: JLL Research

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