Baltimore, MD Office Overview
Maryland’s Baltimore city 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, Baltimore is the largest seaport on the Mid-Atlantic coast. The diversified economy of Baltimore draws from the tourism, entertainment, finance, and educational sectors that all help to create demand for Class A office space in Baltimore.
As of mid-2017, the Greater Baltimore office market 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 in Baltimore 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 white collar office space from the STEM employment sector, helps to drive the Baltimore City 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 office space in Baltimore is Class A or A+ product, while Class B inventory adds another 51% of office space to the market.
Some of the most robust demand for Class A office space in Baltimore can be found in the Downtown Baltimore office submarket. Located just west of I-83 between Lombard and Mulberry Streets, this area is home to world-class office 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
Total: 33,969,631 SF
By square footage range:
- 50k to 100k SF: 3,600,093 SF / 10.6% of total office
- 100k to 500k SF: 20,144,575 SF / 59.3% of total office
- 500k to 1M SF: 6,091,653 SF / 17.93% of total office
- > 1M SF: 4,133,310 SF / 12.17% of total office
- Class A+: 650,000 SF / 1.91% of total office
- Class A: 14,106,803 SF / 41.53% of total office
- Class B: 13,212,828 SF / 38.9% of total office
- Class C: 258,065 SF / 0.76% of total office
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 24 th for energy-efficient, green office buildings. With the survey looking only at office buildings larger than 50,000 square feet, over 4% of these office buildings in Baltimore are LEED-certified and nearly 4.5% are EPA Energy Star Certified.
One example of a Baltimore LEED-certified office building is the Windsor Corporate Park on 2560 Lord Baltimore Drive. This 71,000-square- foot property was built in 2005, is located in the Milford Mill neighborhood of suburban Windsor Mill, and proudly boasts a LEED Gold certification.
Interestingly, the 2017 Adoption Index discovered that since 2005, the overall percentage of green, energy-efficient office 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 City MD, and in particular the robust demand for Class A office space and white collar office space, is driven in large part by the top office- using sectors of the Federal government, healthcare & education, finance, and large corporate office space users.
- Federal Government – The Social Security Administration, and the Centers for Medicare and Medicaid are some of the top employers and users of office space in Baltimore.
- Healthcare & Education – Demand for white collar office space is created by institutions such as the Greater Baltimore Medical Center, Towson University, Franklin Square Hospital, and the University of Maryland St. Joseph Medical Center.
- Finance – White collar office employment from this top office-using sector in Baltimore comes from companies such as T. Rowe Price, Bank of America, and the World Trade Center Baltimore.
- Corporate Offices – Some of the largest companies and users of Class A office space in Baltimore include Under Armour, Cordish Company, Legg Mason, McCormick & Company, BD Life Science Diagnostic Systems, and Lockheed Martin.
Baltimore City Demographics
- Total Population579,585
- Male Population(47.1 %) 272,957
- Female Population(52.9 %) 306,627
- Median Age35.00
- 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
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