The Baltimore metro office market remains bifurcated, with Suburban submarkets consistently driving growth, posting an aggregate of 4.1 million sq. ft. of positive absorption from 2009 to 2018. Occupancy in downtown markets, in contrast, has been in decline by 643,000 sq. ft. during the same period.
Reflective of the demand dynamics, development activity has also been concentrating in suburban locations. Of the 1.1 million sq. ft. currently under construction, 953,939 sq. ft. (80%) is in suburban markets. Columbia and BWI have been the two most active submarkets in recent years, adding 2.2 and 1.7 million sq. ft. of new product respectively between 2009 and 2018.