BALTIMORE—Area office brokerage firms are in agreement that despite bloated office vacancy rates, the Baltimore regional office market is showing encouraging signs of improvement.
For example, Cushman & Wakefield of Maryland Inc. reports that there was a nearly 28% increase in leasing activity in the region during the third quarter with only Hartford County not posting an increase in leasing volume as compared to last year.
Colliers International Baltimore says there are 150 tenants looking for 3.38 million square feet of office space in the region, according to the Baltimore Business Journal.
Cassidy Turley also released some positive statistics for the market such as the region's vacancy rate was down from 16.9% during third quarter 2013 to 15.8% in third quarter 2014 — the lowest rate since 2007. The brokerage firm also notes that net absorption was 635,000 square feet in the third quarter of this year, as compared to 344,000 square feet 12 months earlier. See story in the Baltimore Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
