Baltimore Office Figures Q2 2026

The Baltimore office market recorded 60,000 sq. ft. of occupancy loss in Q2 bringing year‑to‑date absorption to negative 37,000 sq. ft., an improvement of 144,000 sq. ft. from the same point in 2025. Negative absorption during the second quarter was mostly driven by flight-to-quality contractions by Whiteford, Taylor & Preston LLP and Truist, which both upgraded to newer space at the Baltimore Peninsula. Additionally, KBR, Inc. added 40,000 sq. ft. of vacant sublease space at 8120 Maple Lawn Boulevard. Overall vacancy rose 10 basis points quarter‑over‑quarter to 20.9%.

Average direct asking rates measured $26.77 per sq. ft., essentially flat versus Q1 2026 and down about 0.5% year‑over‑year, indicating limited pricing movement despite elevated vacancy.

The Baltimore construction pipeline peaked at about 1.6 million sq. ft. in 2016–2017 and then receded, with 698,000 sq. ft. delivered across two properties in Q1 2025. No office projects are currently under construction, and it has been over a year since the last office building delivered.