Baltimore City Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.37 2023 Avg. Asking Rent
  • 2.15% Y-o-Y Avg. Asking Rent Change
  • 17.24% 2023 Office Vacancy Rate
  • $45.4M2023 Total Office Sales
  • $62.91Avg. Sale Price/SF

Baltimore City office price per square foot in 2023 was $28.37 on average. This marked a +2.15% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.24% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $45.4M. Baltimore City office space commanded an average sale price per square foot of $62.91.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Baltimore City Class A & A+ Office Space$30.24
  • Baltimore City Class B Office Space$24.29
  • Baltimore City Class C Office Space$17.77
  • Maryland Class A & A+ Office Space$32.58
  • Maryland Class B Office Space$26.35
  • Maryland Class C Office Space$29.18

Baltimore City, MD Office Asking Rents by Class

Average office rent in Baltimore City rested at $28.37 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Baltimore City averaged $30.24 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.29 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.77 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2023 were: $32.58 per square foot for class A office space; $26.35 per square foot for class B office space; $29.18 per square foot for class C office space.

2023 Office Vacancy Rates in Baltimore City

Submarket Asking Rents Vacancy Rates
Baltimore - Southeast $36.32 19.78%
Baltimore - Northwest $30.00 5.91%
East Baltimore County $25.90 16.21%
Baltimore - Midtown $24.96 11.55%
Towson $24.89 20.09%
Baltimore - Central Business District $24.52 23.41%
Reisterstown Road Corridor $23.53 27.87%
Baltimore - Southwest $22.55 4.38%
Woodlawn $19.19 20.83%
Baltimore Washington International $18.60 12.75%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Baltimore City market was 17.24% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Baltimore City was 4.38% in the Baltimore - Southwest submarket, while the highest office vacancy in the market was 27.87%, recorded in Reisterstown Road Corridor.

Office Spaces for Rent in Maryland

Baltimore City Office Sale Price per SF

  • $62.912023 Avg. Price per SF
  • $45.4M2023 Office Sales Volume
  • 42023 Number of Transactions

Baltimore City, MD Sale Price per SF Trend

  • Baltimore City Avg. Sale Price per SF in 2023$62.91
  • Maryland Avg. Sale Price per SF in 2023$129.83
The sale price for office space in Baltimore City averaged $62.91 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Maryland average office sale price during the same time period was $129.83 per square foot.

2023 Office Sales Volume

  • Baltimore City, MD Total Office Sales Volume in 2023 $45.4M
  • Baltimore City, MD Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Baltimore City office market in 2023, adding up to a yearly sales volume of $45.4M. Notably, the largest transaction on the market saw One South Street change hands for $24,000,000 on 10/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Maryland

2023 Office Construction in Baltimore City, MD

  • Baltimore City, MD Total SF completed in 2023 616,225
  • Baltimore City, MD Total SF under construction in 2024 1,000,000

During 2023, 616,225 square feet of new office space were delivered across the market. At the close of 2023, the Baltimore City office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 616,225 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,000,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Baltimore City
Office building Address SF Completed
Harbor Point - Parcel 3 1307 Point Street, 21231 610,000 2024
Harbor Logistics Center Bld 4 1600 E. Patapsco, 21226 151,721 2023
E5A 2455 House St., 21230 215,759 2022
Rye Street Market Building 1 301 S Mission Blvd, 21230 145,330 2022
Rye Street Market Building 2 301 Mission Blvd, 21230 57,661 2022
City House Charles 1001 North Charles Street, 21202 37,300 2022
Rye Street Market Building 3 301 Mission Blvd, 21230 29,171 2022
Wills Wharf 1201 Wills Street, 21231 236,000 2020
Yard 56 5601 Eastern Avenue, 21224 92,445 2020
One Light Street 1 Light Street, 21202 493,398 2018

Worth noting among recent office completions on the Baltimore City market is Harbor Point - Parcel 3, which is currently the largest new office development in the city, at 610,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Baltimore City commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.