About 2.6 million square feet of new office construction will be completed in Baltimore City by 2009, and almost half of that space has been pre-leased, according to data from real estate firm Cushman & Wakefield.
“While it is evident that the Baltimore area is feeling the impact of this economic downdraft, we are fortunate to have office-using sectors that remain healthy,” David Baird, of Cushman & Wakefield’s Baltimore office, said in a statement.
“The contraction in the financial industry is less severe in our region than in others.”
Of the 160 office deals transacted in the third quarter, more than 89 percent were for space less than 10,000 square feet, and of those, the majority were less than 5,000 square feet, according to Cushman & Wakefield.
