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How do Baltimore’s large blocks and office leasing activity match up?

• Since Q1 2017, large block office leasing activity has gravitated towards the lower end of the spectrum. The mismatch between supply and demand has been greatest in the 50,000 to 99,999-s.f. size range, which has seen only four new deals land despite 20 blocks sitting vacant on the market today.

• The most stable size range has been for 100,000 s.f. and greater. Three new deals over 100,000 s.f. have landed since 2017, with only five currently vacant blocks in the market today. With a limited number of currently vacant blocks in the size range, two of those deals went to new construction: M&T Bank at 1 Light Street in Downtown Baltimore, and Tenable at 6100 Merriweather Drive in Downtown Columbia.

• While the sub-30,000-s.f. size range contains the bulk of vacant large blocks, demand from new leasing was relatively balanced: the new leasing count at 22 covered nearly half of the current supply of vacant blocks in the size range. 

Source: JLL Research

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