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Trading Places

Baltimore Office

Class-A office accounted for one-third of Baltimore CBD office vacancy in Q3 ’07, but now it’s up to two-thirds, having switched places with Class-B, according to Cushman & Wakefield. But C&W’s Courtenay Jenkins tells us it’s not as bad as it seems. The office market has shrunk because of all the Class-B stock that’s come off the market for conversions, so the same amount of available Class-A takes up a larger chunk of a smaller pie. (We like to imagine it's a cherry pie.) And yes, a little Class-A has been returned to market by downsizing financial services tenants. But the big impact on vacancy this year, Courtenay says, will be whatever becomes of the Class-B 2 Hopkins Plaza (the Mercantile Bank Building).