Baltimore, MD Office Overview
Baltimore’s office market includes the Ellicott City, Linthicum Heights, and Dundalk MD commercial real estate submarkets. With a metropolitan population of almost 2.8 million people, it is the largest seaport on the Mid-Atlantic coast. The diversified economy of the city draws from the tourism, entertainment, finance, and educational sectors that all help to create demand for Class A properties.
As of mid-2017, the Greater Baltimore area encompasses nearly 29 million square feet of existing office space in properties larger than 50,000 square feet. According to the Brookings Institute, over 25% of the workforce is employed in the STEM industries of science, technology, engineering, and mathematics.
Baltimore, MD Office Inventory Description
Forbes has ranked Baltimore among the top 100 best places for business and careers and one of the top 30 cities for education. This, combined with the demand for workspaces from the STEM employment sector, helps to drive the city's commercial real estate market. With a gross metropolitan product of nearly $180 billion annually, the demand for Class A office space in Baltimore is exceedingly strong. Nearly 49% of the inventory consists of Class A or A+ product, while Class B inventory adding another 51% to the market.
Some of the most robust demand for Class A properties can be found in the Downtown. Located just west of I-83 between Lombard and Mulberry Streets, this area is home to world-class buildings such as One Charles Center, The Gallery At Harborplace Office, and the Wells Fargo Tower on 7 St. Paul Street.
Baltimore City, MD Commercial Inventory Breakdown
Office Spaces
Total: 35,323,101 SF
By square footage range:
- 50k to 100k SF: 3,601,563 SF / 10.2% 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
Top 10 Largest Office Buildings
in Baltimore
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Under Armour Global Headquarters | SEC East Cromwell Street & West Peninsula Drive, 21230 | 2,928,500 | n/a |
| Montgomery Park | 1800 Washington Blvd, 21230 | 1,204,810 | 2002 |
| Old Town Mall - Office | SEC East Monument Street & North Central Avenue, 21205 | 1,200,000 | n/a |
| Metro West Building - 400 North Greene Street | 400 North Greene Street, 21201 | 791,110 | 1978 |
| Legg Mason Tower | 100 International Drive, 21202 | 650,000 | 2009 |
| Exelon Building | 1310 Point Street, 21231 | 648,000 | 2016 |
| Port Covington - Phase 5 | SWC Key Hwy & Interstate 95, 21230 | 600,000 | n/a |
| NIH Biomedical Research Center | 251 Bayview Blvd, 21224 | 573,000 | 2007 |
| 6100 Wabash Avenue | 6100 Wabash Avenue, 21215 | 538,000 | 2014 |
| Metro West Building - 300 North Greene Street | 300 North Greene Street, 21201 | 535,775 | 1978 |
Most Recently-Built Office Buildings
in Baltimore
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| One Light Street | 1 Light Street, 21202 | 493,398 | 2018 |
| McHenry Row III | 1265 East Fort Avenue, 21230 | 76,612 | 2018 |
| Stadium Square - 145 Ostend Street | 145 Ostend Street, 21230 | 72,000 | 2017 |
| Exelon Building | 1310 Point Street, 21231 | 648,000 | 2016 |
| 6100 Wabash Avenue | 6100 Wabash Avenue, 21215 | 538,000 | 2014 |
| 415 North Washington Street | 415 North Washington Street, 21231 | 48,360 | 2014 |
| Riverside Wharf | 1420 Key Hwy, 21230 | 45,000 | 2014 |
| The Harry & Jeanette Weinberg Building | 3540 South Hanover Street, 21225 | 26,546 | 2014 |
| St. Agnes Hospital - Angelos Medical Pavilion | 3407 Wilkens Avenue, 21229 | 85,800 | 2013 |
| Lombard @ Bayview | 5500 East Lombard Street, 21224 | 72,000 | 2013 |
Baltimore, MD Green Office Space
According to the 2017 National Green Building Adoption Index, which surveyed 30 major office markets in the U.S., Baltimore ranks 24th for energy-efficient buildings. With the survey looking only at properties over 50,000 square feet, more than 4% of these are LEED-certified and nearly 4.5% are EPA Energy Star Certified.
One example is the LEED Gold-certified Windsor Corporate Park on 2560 Lord Baltimore Drive. This 71,000-square-foot property, built in 2005, is located in the Milford Mill neighborhood of suburban Windsor Mill.
Interestingly, the 2017 Adoption Index discovered that since 2005, the overall percentage of green, energy-efficient buildings in the top 30 major U.S. office markets has increased from less than 5% in 2005 to 38% by mid-2017.
Baltimore, MD's Top Office-Using Sectors
The commercial real estate market in Baltimore, and in particular the robust demand for Class A workspaces, is driven in large part by the Federal government, healthcare & education, finance, and large corporate office space users.
- Federal Government – top employers like The Social Security Administration, and the Centers for Medicare and Medicaid.
- Healthcare & Education – institutions such as the Greater Baltimore Medical Center, Towson University, Franklin Square Hospital, and the University of Maryland St. Joseph Medical Center.
- Finance – companies such as T. Rowe Price, Bank of America, and the World Trade Center Baltimore.
- Corporate Offices – include Under Armour, Cordish Company, Legg Mason, McCormick & Company, BD Life Science Diagnostic Systems, and Lockheed Martin.
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
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 …
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 ...
Cities near Baltimore City, MD
- Alexandria Office Space
- Arbutus Office Space
- Arlington Office Space
- Baltimore County Office Space
- Carney Office Space
- Catonsville Office Space
- Columbia Office Space
- Dundalk Office Space
- Elkridge Office Space
- Ferndale Office Space
- Glen Burnie Office Space
- Hanover Office Space
- Harmans Office Space
- Ilchester Office Space
- Lansdowne Office Space
- Linthicum Heights Office Space
- Lochearn Office Space
- Milford Mill Office Space
- Parkville Office Space
- Pikesville Office Space
- Rossville Office Space
- Towson Office Space
- Washington Office Space
- Woodlawn Office Space
- + More - Less