Office Space News
Downtown Baltimore Office Vacancies Pass 20 Percent Mark
Published July 1st, 2010 by Jennifer LeClaire
If you think your local office market has it bad, just look at Baltimore. Almost a quarter of Downtown Baltimore’s premium office space sits empty, according to Cassidy Turley Commercial Real Estate Services.
In fact, Downtown Baltimore hasn’t seen such a poor market for office space since in 10 years. The office vacancy rate has climbed from 12 percent a year ago to 24 percent today in the wake of corporate downsizing and relocations to less expensive office space.
How does Downtown Baltimore compare to other U.S. cities? It’s fairly par for the course, though Baltimore is worse than some, better than others. According to Cushman & Wakefield, Dallas has the highest office vacancy rate at nearly 30 percent.
Cassidy Turley didn’t break down the vacancies in a format that shows how serviced office space plays into the equation. But we know there are plenty of executive office suite facilities there. Here are some of the better-known players in the area:
- Regus
- BusinessSuites
- Executive Centre Baltimore
- HQ
- Towson Executive Offices
- Intelligent Office
- BusinessSuites
Interestingly enough, Regus is not a major player in Maryland. The only executive office suites facility Regus has in Downtown Baltimore is at the Inner Harbor Center. One interesting company in Downtown Baltimore is BusinessSuites Harborplace on 111 South Calvert Street. It’s interesting, on one point, because it competes head to head with Regus in the same building.
BusinessSuites offers 58 window offices ranging in size from 12’x9’ to 19’x24’. This office space features views of the city and Inner Harbor area. There are also 43 interior offices ranging in size from 9’x10’ to 18’x32’. BusinessSuites also offers two large windowed conference rooms with seating for up to 10 in a board room configuration. Two additional windowed conference rooms offer eating for up to six, and an interior conference room also seats six.
I would love to see a comparison of how Regus and BusinessSuites are performing in this specific Baltimore location. The building is the same. The configuration of office space is probably fairly equal. The nearby amenities are the same. The only difference may be how it’s furnished, the administrative staff and the technology systems. If anyone is using office space at either of these locations, let me know how it compares.
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About the Author
Bill Brookshire July 1st, 2010 at 6:53 am
Another nice report on a local office market. I’m surprised that the vacancy rate in Baltimore is so high. But I guess, as you said, there are worse scenarios, namely the Dallas market for office space. I hope you to see you do more of these reports. I understand the information on office markets comes out each quarter.
Elizabeth Sanchez July 1st, 2010 at 7:04 am
I hadn’t heard of BusinessSuites. I do think it’s intriguing that both serviced office companies are located in the same building. I wonder who got there first.
You make a good point about most of the amenities being the same. They are duking it out on brand alone in Baltimore. I do wonder how each firm is doing.