Office leasing activity in the Baltimore metro market is up by 6.5 percent, according to Cushman & Wakefield’s Market Note on mid-year activity.
The increase in activity is primarily being driven by an increase in lease renewals. So far this year there are 1.8 million square feet of office space leased in the Baltimore market, and 44.2 percent of that has come from renewals. That’s a huge jump from the last year when only 29.1 percent of transactions were renewals.
The usual submarkets, Baltimore County North, Howard County South and the city’s Central Business District are the strongest performing areas.
- Baltimore County North: 12 percent of total square footage leased
- Howard County South: 15.4 percent of total square footage leased
- Central Business District (Baltimore): 36.2 percent of total square footage leased