Baltimore Office Market Report

Positive demand momentum noted in key areas. T. Rowe Price’s move to their new 450,000-square-foot Harbor Point office this year marks the latest in a trend of financial firms opening offices on the East Baltimore waterfront. Stifel Financial also relocated here in 2024, joining Morgan Stanley and Transamerica. Some of the largest new builds opening this year will
be around the Harbor as well. The impact to local vacancy will be blunted, however, as most of the new facilities are built-to-suit. Meanwhile, development outside East Baltimore City includes a 130,000-square-foot office park in Annapolis Junction. The project is not pre-leased but will open in the Route 1-BWI submarket, where vacancy was near 10 percent ending last year, among the lowest in the metro and more than 200 basis points below the area’s 2019 level. Vacancy was even lower entering this year along the adjacent Route 2 Corridor, given demand for space near the airport and south down the titular highway.