Baltimore Office Figures Q4 2025

The Baltimore office market recorded negative net absorption of nearly 20,000 sq. ft. during the fourth quarter. Ciena was one driver of negative absorption, as the technology company signed a new lease for 28,132 sq. ft. at 8150 Maple Lawn Boulevard and will move out of the full building at 7035 Ridge Road, shrinking its office footprint by 60,000 sq. ft. Other move-outs include Baker Donelson, which renewed at 100 Light Street and downsized by 23,000 sq. ft., and PNC Bank, which gave back around 30,000 sq. ft. at 1 E Pratt Street. However, Maryland Department of Budget & Management signed a new lease for 43,728 sq. ft. at 7 Saint Paul Street, recording net growth as they will move from the government-owned State Center. Ultimately, the overall vacancy rate rose 10 basis points to 20.8%.

Gross leasing activity increased in the fourth quarter, with 861,000 sq. ft. of transactions signed. This marks the highest level of quarterly leasing this year and an 18% increase from average post-pandemic levels. In total, tenants leased 3.1 million sq. ft. in 2025 and skewed slightly towards renewals (53% of transactions).

Overall asking rates across Baltimore remained flat, currently at $26.78 per sq. ft. per annum on a full-service basis. The development pipeline in Baltimore is depleted, with no office projects currently under construction.