Baltimore Retail Market Report

Retail outlook in city center improving. Across the city of Baltimore, apartment vacancies declined by more than 100 basis points year-over-year in March as people returned to reopened workplaces or in anticipation thereof. This renter influx has aided foot traffic at area retailers, catching the eyes of prospective tenants. The city has been one of the most active areas in the metro for leasing so far this year, helping keep local vacancy under 5 percent. Availability may tick up later in the year, however, as over half of the market's construction pipeline is focused here. Despite this, the full impact on the metro may be mitigated by high pre-leasing. Over $1 billion in planned public investments around Camden Yards and M&T Bank Stadium should also benefit downtown retailers in the future as more fans flock to the improved homes of the Orioles and Ravens.