Gross leasing ended 2019 at 3.8 million sq. ft., up 17% from the 10-year average annual volume. Defense, business services and technology tenants drove market activity, contributing 57% of total leasing volume for the year.
Nearly 800,000 sq. ft. of new office product was brought to the market during 2019, currently at 54% leased with 367,000 sq. ft. still available. Development activity is expected to slow down in 2020 with 496,000 sq. ft. in the under construction pipeline.
The top three performing submarkets during 2019 were Columbia, Hunt Valley and Baltimore County East. The three submarkets registered a combined 461,699 sq. ft. of positive net absorption throughout the year.