Office leasing in the Baltimore metro struggled again in 2023, as factors that have impeded the market since the beginning of the pandemic lingered, according to recent research.
The end of the year also failed to deliver much relief, as the market has endured nearly 150K SF of net occupancy loss in the fourth quarter through Dec. 22, according to JLL. The brokerage firm reports that throughout the full year, the Baltimore-area office market recorded negative net absorption of nearly 622K SF.
Despite the market's struggles, Baltimore still landed a series of big new leases and renewals this year. CBRE provided Bisnow with a list of the largest office leases signed in the Baltimore area in 2023.
Two of the largest leases came from tech company CACI, which committed to more than 170K SF in the BWI Corridor submarket. Another two came from defense contractor Northrop Grumman, which renewed for more than 137K SF, also in the BWI Corridor. Baltimore city landed two big leases with state agencies, the Maryland Lottery and Gaming Control Commission and the Maryland Aviation Administration, plus a new lease with CFG Bank.
Below are the 10 biggest leases signed in the Baltimore area this year, as ranked by CBRE.
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1. CACI
Address: 2720 Technology Drive
Size: 119K SF
Submarket: BWI Corridor
Quarter Signed: Q2
Lease Type: Renewal
2. CFG Bank
Address: 2455 House St.
Size: 97K SF
Submarket: Baltimore East
Quarter Signed: Q1
Lease Type: New Lease
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3. Northrop Grumman
Address: 1304 Concourse Drive
Size: 87K SF
Submarket: BWI Corridor
Quarter Signed: Q4
Lease Type: Renewal
4. Johns Hopkins Applied Physics Lab
Address: 9055 Guilford Road
Size: 76K SF
Submarket: Columbia
Quarter Signed: Q2
Lease Type: Renewal
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5. Maryland Lottery and Gaming
Address: 1800 Washington Blvd.
Size: 66K SF
Submarket: Baltimore City West
Quarter Signed: Q4
Lease Type: Renewal
6. FBI
Address: 1800 Washington Blvd.
Size: 66K SF
Submarket: BWI Corridor
Quarter Signed: Q2
Lease Type: Renewal
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7. Element Fleet Corp.
Address: 10200 Grand Central Ave.
Size: 64K SF
Submarket: Reistertown Road Corridor
Quarter Signed: Q2
Lease Type: New Lease
8. Northrop Grumman
Address: 800 International Drive
Size: 57K SF
Submarket: BWI Corridor
Quarter Signed: Q3
Lease Type: Renewal
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9. CACI
Address: 7272 Park Circle
Size: 52K SF
Submarket: BWI Corridor
Quarter Signed: Q2
Lease Type: Renewal
10. Maryland Aviation Administration
Address: 991 Corporate Blvd.
Size: 45K SF
Submarket: Central Business District
Quarter Signed: Q2
Lease Type: Renewal
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