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Baltimore’s market fundamentals remain fairly resilient to initial COVID-19 impacts
The COVID-19 public health crisis has shaken most office markets across the U.S., however, the Baltimore market has been cushioned from the worst of the crisis’ impacts so far. Baltimore benefits from a tenant base made of a substantial amount of government contractors which are a non-cyclical industry. Most cities are experiencing elevating availability rates as tenants shed space to cut real estate costs, but Baltimore saw overall availability decrease by 120 basis points (bps) and 10 bps year over year and quarterly, respectively, to 15.4%. Availability in Baltimore's Central Business District (CBD) declined most significantly, falling by 320 bps to 14.7% year over year, while the suburban overall availability rate rose 10 bps to 15.9% – illustrating softer market conditions in fringe submarkets.