Baltimore City, MD Commercial Real Estate for Lease

Baltimore, MD Economic Overview

With its many recognized districts, Baltimore, Md. is indeed “a city of neighborhoods" and home to a population of just under 3 million. Professionally active residents enjoy the city’s newfound economic growth as the former industrial manufacturing hub moves towards a technology industry future thanks to a competitive tech talent market.

As a result, the Baltimore commercial real estate market is also growing at twice the average rate of the entire state of Maryland.

Baltimore has a largely industrial manufacturing past, boasting world-renowned brands like General Motors and Procter and Gamble. Today, the city continues to attract rising companies like Amazon and Under Armour. On the other hand, Forbes has ranked Baltimore 4th in new places where America’s tech future is taking shape. This is thanks to its fast-growing tech talent pool, which is second only to San Francisco in job areas like information systems and software development and programming, among many other industry categories. Analysts are predicting that Baltimore is poised to become the next tech and start-up hotspot.

Baltimore, MD Commercial Real Estate Market

Situated in north-central Maryland, Baltimore stretches over 90 square miles, of which more than 80 square miles is dry land. The city is officially made up of nine neighborhoods divided by geographic regions.

A tour of Baltimore’s economic landscape would certainly begin in Central/Downtown Baltimore which boasts 29.1 million square feet of Downtown Baltimore office space. Subsequently, this area, already home to hundreds of companies, is considered to be the city’s main economic asset and continues to be the city’s lifeline, with its dynamic commercial and cultural activity.

Most of Central Baltimore is Downtown and Downtown West commercial real estate with historic Inner Harbor its chief commercial and tourist destination. Over 13 million people are attracted annually by the area’s hotels, restaurants, and spaces devoted to retail and entertainment, such as Harborplace and Power Plant Live! The area is also home to Baltimore’s world-class sport complexes like Oriole Park at Camden Yards and the Baltimore Arena.

The North Baltimore office market utilizes its prime location to accommodate an abundance of educational institutions like Notre Dame of Maryland University, Johns Hopkins University Homewood Campus, and Baltimore Polytechnic Institute. The last-named is a public high school that specializes in mathematics, science, and engineering, one among many such institutions that contribute to the city’s profusion of tech talent early on. Finally, North Baltimore is also home to the uniquely developed Station North Arts and Entertainment District, more popularly called Station North, the city’s official arts and entertainment district. Here, artistically-leaning commercial ventures, such as museums and theaters, make use of formerly abandoned warehouses that have been converted to practical North Baltimore office market space.

Another neighborhood of note lies on the city borders of Inner Harbor/Central Baltimore, Southeast Baltimore. This region is home to the state of Maryland’s largest arts and entertainment district, Highlandtown Arts District or “ha!" Here, artists make use the rich Southeast Baltimore office market to live and work in a neighborhood famed for its cultural diversity. South Baltimore also includes the city’s most popular neighborhood, Canton, with its expansive waterfront Canton industrial real estate.

Baltimore, MD Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Baltimore, MD Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Baltimore City, MD Commercial Inventory Breakdown

Office Spaces

Total: 35,321,631 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

50k to 100k SF: 3,600,093 SF / 10.19% of total office
100k to 500k SF: 20,296,575 SF / 57.46% of total office
500k to 1M SF: 6,091,653 SF / 17.25% of total office
> 1M SF: 5,333,310 SF / 15.1% of total office

By class:

Class A+: 650,000 SF / 1.84% of total office
Class A: 14,106,803 SF / 39.94% of total office
Class B: 13,332,828 SF / 37.75% of total office
Class C: 258,065 SF / 0.73% of total office

Employment in Baltimore, MD

31% of jobs in Baltimore are in the service industry, with John Hopkins University and Johns Hopkins Hospital being the city’s biggest employers. However, 23% of jobs in the city are in Science, Technology, Engineering, and Math, otherwise known as STEM jobs, according to the latest reports by Brookings Institution, a Washington, D.C. think tank.

That percentage of Baltimore’s local employment equals approximately 281,730 STEM jobs, and it has placed Baltimore 8th out of a hundred metropolitan cities in STEM job concentration. While these positions include maintenance and repair experts who require no university education, 57% of Baltimore’s STEM workforce are college-educated and have an average annual income of $87,857.

Education in Baltimore, MD

Baltimore has 12 accredited public and private colleges and universities with both 2-year and 4-year programs. Well-known private schools in the city include Johns Hopkins University, Loyola University Maryland, Maryland Institute College of Art, and Notre Dame of Maryland University. Public schools include University of Baltimore and University of Maryland, Baltimore.

Baltimore also has top primary and secondary schools like Carver Vocational-Technical High School and Digital Harbor High School that give students an early start in technology careers especially with the city’s tech industry fast becoming its most employable and profitable sector.

Commuting Time in Baltimore, MD

According to census survey data, Baltimore holds the distinction of having the 6th longest commute in the United States, only surpassed by Southern California, New York, Washington, and San Francisco with their more notoriously congested roads. On average, Baltimore commuters take 31 minutes to get to and from work. Their main route is the I-695 (Maryland) otherwise known as the “Baltimore Beltway."

Fortunately, there are several ways to shorten your commute time and avoid bumper to bumper traffic on the Interstate. MTA Maryland, in general, operates a wide-ranging bus network that incorporates commuter buses, a light rail network and a subway line. Baltimore even has a free shuttle bus service operating downtown, seven days a week, known as the Charm City Circulator. Meanwhile, the city also has a water taxi service if you’d like to take a break from land transportation. Baltimore Water Taxi has 6 routes along its Inner Harbor serving both as a sightseeing and transportation service. There have even been increased efforts to use these longtime water taxis as a viable commuter option.

Commuters who want to take their bicycles instead can make use of Baltimore’s extensive system of bike routes throughout the city. Meanwhile, pedestrians can take pride that their city was named the 14th most walkable city out of the 52 largest American cities.

Baltimore City Demographics

Population

Total Population579,585
Male Population(47.1 %) 272,957
Female Population(52.9 %) 306,627
Median Age35.00

Income/Financial

Average Household Income$72,559
Median Household Income$50,975
Median Income Under 25$27,669
Median Income 25-44$55,974
Median Income 45-64$54,130
Median Income Over 65$33,969

News

Rust Belt Cities Ranked: The Most Successful Comeback Stories

September 09, 2019

In 2016, Antoine van Agtmael and Fred Bakker, authors of “The Smartest Places on Earth: Why Rustbelts are the Emerging Hotspots of Global Innovation,” commented on the current state of industry in the U.S. They highlighted the fact that while many voices decry the bleak state of manufacturing in...

Are You Living in One of the Cities Where Commuting Time Increased the Most or Least?

August 13, 2019

If you live and work in the U.S., you likely have some form of commute to work. Whether you take the train or go by car, bus or subway – or all of the above – commuting takes up a large amount of your personal time that can often lead to frustration. Spending hours in …

Office Building Prices in the Top CBDs

July 10, 2019

There are many variables to consider when looking for commercial assets. You may be looking to lease space for your company or to purchase a building outright as an investment. Every market across the country has its own pros and cons, but historically the central business district is where the ...

COMMERCIALCafé is your first and only stop when it comes to commercial real estate leasings in Baltimore City, MD. Search through our extensive selection of commercial properties for lease with current space availability in the area ranging between 1373 square feet and 224712 square feet. Discover the right property from our 207 listings by using our advanced search function, which includes search by property type, space availability, management company, lease rates, and more.

Commercial Real Estate in Baltimore City, MD - 207 Properties Available