Baltimore Office Figures Q1 2026

The Baltimore office market has endured six years of mostly negative demand, with vacancy rising from 15.3% in Q1 2020 to 20.9% by Q4 2025. However, vacancy edged down 30 basis points (bps) quarter-over-quarter to 20.6% as the market recorded its first quarter of positive absorption since Q4 2024, driven by government expansions. Gross leasing activity picked up in Q1 with 1.06 million sq. ft. leased. Government tenants were the most active in the first quarter leasing more than 300,000 sq. ft. and accounting for 29% of all leasing activity. Relocations outpaced renewals in Q1 with relocations accounting for 658,000 sq. ft. or 62% of all transactions.

Construction activity has slowed down in the Baltimore metro. No office projects are currently under construction, and it has been a year since the last office building delivered in the Baltimore metro.

Pricing shifted only modestly, as the average asking rate moved from $26.78 in Q4 2025 to $26.75 in Q1 2026.