Q1 2020 Baltimore Market Report

The Baltimore office market posted 90,341 SF of net absorption in Q1 2020, continuing its trend of positive absorption from late 2019. Average asking rents were either down or effectively net-neutral across most submarkets in the region. The onset of the coronavirus pandemic late in Q1 has created much uncertainty in both global and local economic and real estate markets. Although recessionary conditions may begin to take hold in future quarters, Baltimore’s key office markets have not suffered from oversupply and could be conditioned to weather some of the COVID-19 storms.