Baltimore Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, JLL
Quarterly office market indicators for Baltimore, aggregated by CREhunt from Cushman & Wakefield, CBRE, JLL. As of Q2 2026, average asking rent was $25.99/SF/yr and vacancy was 17.8%, per Cushman & Wakefield.
Projected current office pricing — Baltimore
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Baltimore office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~82% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $25.99/SF/yr | 17.8% | -299K SF | — | Cushman & Wakefield |
| Q2 2026 CBRE | $26.77/SF/yr | — | — | — | CBRE |
| Q1 2026 CBRE | $26.75/SF/yr | 20.6% | 55K SF | — | CBRE |
| Q1 2026 JLL | $26.01/SF/yr | 22.0% | — | — | JLL |
| Q1 2026 Cushman & Wakefield | $25.94/SF/yr | 17.6% | -140K SF | — | Cushman & Wakefield |
| Q4 2025 CBRE | $26.78/SF/yr | — | — | — | CBRE |
| Q3 2025 Cushman & Wakefield | $25.58/SF/yr | 17.2% | — | — | Cushman & Wakefield |
| Q3 2023 Cushman & Wakefield | $29.00/SF/yr | 16.6% | — | — | Cushman & Wakefield |
| Q4 2020 Cushman & Wakefield | $23.31/SF/yr | 13.4% | -584K SF | — | Cushman & Wakefield |
| Q3 2020 Cushman & Wakefield | $23.18/SF/yr | 12.6% | 136K SF | — | Cushman & Wakefield |
| Q1 2020 Cushman & Wakefield | $23.15/SF/yr | 12.7% | -219K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Baltimore office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Annapolis | $29.28/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Baltimore City | $27.24/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Baltimore County East | $24.32/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Baltimore East | $35.33/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Baltimore North | $27.17/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Baltimore West | $22.47/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| BWI Airport | $29.20/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| BWI Corridor | $29.12/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| CBD | $27.07/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Columbia | $27.57/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Ellicott City | $29.17/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Greater Annapolis | $28.31/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Harford County | $22.51/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Howard County | $25.66/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Hunt Valley | $23.76/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Midtown/ Mt. Vernon | $19.48/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Reisterstown Road Corridor | $25.22/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Route 2/3 | $24.09/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Suburban North | $23.94/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Suburban West | $22.39/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Towson/ Timonium | $24.32/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| West Side | $21.46/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Baltimore office did not fully agree. Asking-rent estimates differ by $0.78/SF/yr — from $25.99/SF/yr to $26.77/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| CBRE | — | $26.77/SF/yr | — |
| Cushman & Wakefield | 17.8% | $25.99/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Baltimore?
- As of Q2 2026, the average asking rent for office space in Baltimore was $25.99/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Baltimore?
- The office vacancy rate in Baltimore was 17.8% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Baltimore market data come from?
- This report aggregates quarterly office market data for Baltimore from Cushman & Wakefield, CBRE, JLL.
- How much do brokerage estimates differ for office space in Baltimore?
- For Q2 2026, the brokerage sources CREhunt aggregates for Baltimore did not fully agree. Asking-rent estimates differ by $0.78/SF/yr — from $25.99/SF/yr to $26.77/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.