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Washington DC & Mid-Atlantic  + Baltimore  + Finance  |  May 8, 2023
Black-owned Harbor Bank of Maryland will provide financing alongside syndicate leader Truist for a $200-million renovation of the Baltimore Arena in Baltimore, MD.
Emily Fu
By: Emily Fu

MacKenzie: Baltimore Metro Suffers Lowest Leasing Quarter Since 2011

The first quarter of 2023 saw a sharp drop in leasing activity in Baltimore’s Metropolitan region. The report, published by Commercial Real Estate Services, shows that the combination of rising interest rates and companies’ uncertain occupancy needs negatively affected the region’s leasing activity. It is reported that Baltimore City’s Class A buildings had an availability of 24.8%, compared to 15.8% five years ago.  

Retail leasing activity also declined, with only 130 retail transactions occurring last quarter, compared to 188 in the same period last year. However, the report did highlight a 17% surge in non-residential construction between May 2022 and February 2023, marking the highest level on record. MacKenzie Commercial Real Estate Services believes that despite the negative news, there is still an opportunity for investors in the market to buy up commercial real estate at a discounted rate. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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