BALTIMORE—While the overall downtown Baltimore office market has improved from recessionary vacancy levels, a few sections of the downtown, particularly along Charles and Baltimore streets, are suffering from high vacancies and low tenant demand.
According to a report presented to the Baltimore Development Corp. on Thursday by brokerage firm JLL, vacancy rates are at about 17.8% overall in the downtown district, down from the 2010 peak of 20.8%. Along the prime Pratt Street corridor, vacancy has hit a five-year low of 14.9%, according to the Baltimore Sun.
Things are much different along Charles and Baltimore streets however, according to the JLL presentation, where vacancy rates are at approximately 25%. On Charles Street, it took an average of 70 months to fill empty space last year, up from 53 months in 2009. On Baltimore Street the average months on market increased from 26 months in 2009 to 52 months in 2013.
“This is what we call in the tenant-rep side the reality slide,” JLL Senior Vice President Michael Singer says. “The fundamentals of the Baltimore market is still, space stays on the market a long time.” See story in the Baltimore Sun.
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