2019 Year In Review

  • Gross leasing ended 2019 at 3.8 million sq. ft., up 17% from the 10-year average annual volume. Defense, business services and technology tenants drove market activity, contributing 57% of total leasing volume for the year.
  • Nearly 800,000 sq. ft. of new office product was brought to the market during 2019, currently at 54% leased with 367,000 sq. ft. still available. Development activity is expected to slow down in 2020 with 496,000 sq. ft. in the under construction pipeline.
  • The top three performing submarkets during 2019 were Columbia, Hunt Valley and Baltimore County East. The three submarkets registered a combined 461,699 sq. ft. of positive net absorption throughout the year.