Baltimore City Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $27.78 2022 Avg. Asking Rent
  • 3.58% Y-o-Y Avg. Asking Rent Change
  • 14.92% 2022 Office Vacancy Rate
  • $36.7M2022 Total Office Sales
  • $134.82Avg. Sale Price/SF

Baltimore City office price per square foot in 2022 was $27.78 on average. This marked a +3.58% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.92% across all asset classes combined. The 5 transactions that closed here throughout 2022 amounted to a total sale volume of $36.7M. Baltimore City office space commanded an average sale price per square foot of $134.82.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Baltimore City Class A & A+ Office Space$28.69
  • Baltimore City Class B Office Space$24.76
  • Baltimore City Class C Office Space$19.16
  • Maryland Class A & A+ Office Space$31.43
  • Maryland Class B Office Space$26.48
  • Maryland Class C Office Space$21.66

Baltimore City, MD Office Asking Rents by Class

Average office rent in Baltimore City rested at $27.78 per square foot in 2022. 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 $28.69 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.76 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.16 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2022 were: $31.43 per square foot for class A office space; $26.48 per square foot for class B office space; $21.66 per square foot for class C office space.

2022 Office Vacancy Rates in Baltimore City

Submarket Asking Rents Vacancy Rates
Baltimore - Southeast $35.16 15.71%
Baltimore - Northwest $30.00 3.93%
East Baltimore County $25.55 18.04%
Towson $25.15 19.78%
Baltimore - Central Business District $24.89 19.10%
Baltimore - Midtown $23.23 8.59%
Reisterstown Road Corridor $21.68 23.94%
Woodlawn $19.11 18.45%
Baltimore Washington International $18.80 36.68%
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 14.92% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Baltimore City was 3.93% in the Baltimore - Northwest submarket, while the highest office vacancy in the market was 36.68%, recorded in Baltimore Washington International.

Office Spaces for Rent in Maryland

Baltimore City Office Sale Price per SF

  • $134.822022 Avg. Price per SF
  • $36.7M2022 Office Sales Volume
  • 52022 Number of Transactions

Baltimore City, MD Sale Price per SF Trend

  • Baltimore City Avg. Sale Price per SF in 2022$134.82
  • Maryland Avg. Sale Price per SF in 2022$190.42
The sale price for office space in Baltimore City averaged $134.82 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Maryland average office sale price during the same time period was $190.42 per square foot.

2022 Office Sales Volume

  • Baltimore City, MD Total Office Sales Volume in 2022 $36.7M
  • Baltimore City, MD Total Number of Office Sales Closed in 2022 5
A total of 5 deals closed on the Baltimore City office market in 2022, adding up to a yearly sales volume of $36.7M. Notably, the largest transaction on the market saw 2604 Sisson Street change hands for $11,500,000 on 9/21/2022.

Largest Baltimore City Office Sales in 2022

Property name Address Date Price
2604 Sisson Street 2604 Sisson Street 9/21/2022 $11,500,000
One Calvert Plaza 201 East Baltimore Street 7/7/2022 $11,000,000
2213 McElderry Street 2213 McElderry Street 3/3/2022 $8,685,000
Saint Luke’s Professional Center 2925 Lord Baltimore Drive 7/11/2022 $3,200,000
Data provided by Commercial Edge

Coworking Spaces in Maryland

2022 Office Construction in Baltimore City, MD

  • Baltimore City, MD Total SF completed in 2022 26,582
  • Baltimore City, MD Total SF under construction in 2023 636,725

During 2022, 26,582 square feet of new office space were delivered across the market. At the close of 2022, the Baltimore City office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 26,582 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 636,725 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Baltimore City
Office building Address SF Completed
Baltimore Peninsula - Rye Street Market 301 Atlas Street, 21230 273,000 2023
Baltimore Peninsula - 2455 House Street 2455 House Street, 21230 221,500 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
Harbor Point - Wills Wharf 1201 Wills Street, 21231 325,000 2020
One Light Street 1 Light Street, 21202 493,398 2018
MedStar Health at Federal Hill 1420 Key Hwy, 21230 45,000 2014

Worth noting among recent office completions on the Baltimore City market is Baltimore Peninsula - Rye Street Market, which is currently the largest new office development in the city, at 273,000 square feet.

Data provided by Commercial Edge

See reports for other markets

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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.