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There's more to a building than skin and bones. The muscle comes from the land/location, what would work best there, how it's kept up, and how you keep up with the Joneses (though in the office world, that's more like "keeping up with the Googles").
1) Highest and Best Use
Doni Greenwald, Jeff Shaney, Ed Kerr, Jennifer McCoun, and Page Kimball in Hunt Valley, April 2012
Integra Realty Resources Baltimore managing director Ed Kerr (with colleagues Doni Greenwald, Jeff Shaney, Jennifer McCoun, and Page Kimball in their Hunt Valley office) tells us the second-tier office stock (two to three blocks off the harbor, some of which is functionally obsolete) is what's getting converted in Baltimore City.Apartments are the best bet now, compared to hotels a few years ago (which is actually great news when you consider it means people now want to stay for more than three days). A few vacant offices are being considered for apartments, he says, but you usually still need financial help from the government like a TIF or PILOT to make development feasible.

2) Condition
100 Light St., Baltimore
The office stock closest to the harbor has been well maintained and is still priced best as is. Legg Mason may have left 100 Light St(above) for Harbor East, for example, but that space has been backfilled by Aegon. For its part, Aegon moved from Mt. Vernon and sold its 1111 N Charles property to Chase Brexton Health Services. And Johns Hopkins took over Zurich America's Midtown space when that firm moved to Owings Mills, indicating that health companies are willing tenants for functional Midtown offerings.

111 Market Place
Constellation's relocation to Harbor Point in three or four years also will create a CBD hole, but Ed tells us brokers are confident it, too, can be filled, including the 100-year-old 111 Market Place (above, not looking a day over 91). The market always seems to find equilibrium for well-located, quality buildings, he says, though large blocks may be filled with smaller users.
3) Tenants & Neighbors
Ed also tells us next-door vacancy can be an issue. If your building is leased for 20 years to a credit tenant, your building's value is golden. But if you've got shorter-term rollover, and a comparable building next door is prepared to offer TIs or free rent, that hurts your prospects of hanging on to the tenant and thus onto value. Of course, building managers in the area tell Ed that relocating, especially communications infrastructure, is more complicated and costly than it used to be. That makes some tenants more likely to renegotiate and stay put, but competitive landlords are also willing to provide moving costs nowadays.