Snapshots

Average Class A office pricing in Howard and Anne Arundel has led Baltimore City by a widening margin

In a shift from pre-recession trends, average Class A rents in the southern suburbs of Howard and Anne Arundel County are pricing at a widening margin when compared to Baltimore City.

Average class A office pricing
  •  In a shift from pre-recession trends, average Class A rents in the southern suburbs of Howard and Anne Arundel County are pricing at a widening margin when compared to Baltimore City. New development in Downtown Columbia pushing close to $40 p.s.f. FS, along with rising rents in key submarket including most prominently Annapolis, have lifted average Class A rents in the southern suburbs to record highs.
  • Baltimore City has seen the widest fluctuation in Class A rents, which have climbed 10% since reaching their cyclical low in 2014.
  • The northern suburbs of Baltimore County and Harford County experienced a bump in rents from the influx of Class A product near Aberdeen Proving Ground, but have since declined slowly on limited development.
  • Rent growth will likely moderate for the southern suburbs, as Class A rates have already well exceeded previous highs. The rise in Class A rents, particularly in Howard County, will likely spill over to Class B product in the coming quarters.

 

Source: JLL Research

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