Baltimore Office Figures Q3 2026

The Baltimore office market showed signs of stabilization in Q3 2026. The market recorded 5,000 sq. ft. of positive net absorption during the quarter, while vacancy remained unchanged at 21.1%. Much of the quarter's occupancy growth was driven by the Maryland Department of Education's 160,000 sq. ft. lease, which generated positive absorption within the leased market as the agency relocates from state-owned space. Through the first three quarters of the year, net absorption totaled negative 53,000 sq. ft., a significant improvement from the negative 321,000 sq. ft. recorded during the same period in 2025. While demand remains relatively subdued, the year-over-year improvement suggests market conditions are gradually stabilizing.