Commercial Real Estate Market in Baltimore, MD
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
1,745 active listings and 21,844 off-market properties in Baltimore, MD. Commercial property asks $104/SF to buy and $18.35/SF/Yr to lease. Office vacancy runs 17.2%, the loosest of the segments tracked here.
Market Trends
Baltimore, MD spans 274.1 square miles in Baltimore City County, Maryland. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Baltimore, MD runs 17.2% in 2025, up from 12.4% in 2019.
Vacancy Rate %
Retail
Retail vacancy in Baltimore, MD runs 6.6% in 2025, up from 5.8% in 2019.
Vacancy Rate %
Industrial
Industrial vacancy in Baltimore, MD runs 8.8% in 2025, up from 6.4% in 2019. Nearly 3.4x the 2021 low of 2.6%.
Vacancy Rate %
Multifamily
Multifamily vacancy in Baltimore, MD runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 49.8%
- Industrial 23.2%
- Open space 12.8%
- Commercial 8.5%
- Mixed use 2.4%
- Civic 1.1%
Largest Zones share of zoned land by district
Open Space
Row House And Multifamily Residential
Maritime Industrial
General Industrial
Detached Residential
Baltimore, MD zones 54,800 acres across 66 districts. Commercial zoning covers 8.5% of zoned land, residential 49.8%, open space 12.8% and industrial 23.2%. The largest single district is Open Space at 12.8%. For commercial buyers the practical constraint is that only 31.8% of land carries a commercial or industrial designation.
Open Space (OS)
OS Residential Dwelling: Caretaker's P Institutional Cultural Facility CB Per 14-308 Government Facility P Open-Space Cemetery CB Community-Managed Open-Space Farm CB Per § 14-307 Community-Managed Open-Space Garden P Per § 14-307 Fishing Pier CB Forest and Nature Preserve P Horse Stable CB Marina: Recreational CB Per § 14-323 Park or Playground P Urban Agri…
Market overview
Demographics & Economy
Baltimore, MD has 1,197,806 residents in 543,749 households. Density runs 4,370 people per square mile. Median household income here is $73,567 and median gross rent $1,422 a month.
1,197,806
Population
543,749
Households
2.2
Avg Household Size
37
Median Age
36%
College-Educated
89%
High-School Grad
274.1 sq mi
ZIP Area
4,370
Density / Sq Mi
$73,567
Median Household Income
$48,999
Median Earnings
$1,422
Median Rent
$267,420
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Franklin | — | — |
| Clifton | — | — |
| Waverly | — | — |
| Lansdowne | — | — |
Commercial property in Baltimore, MD asks $104/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Baltimore?
Commercial property in Baltimore, MD asks an average of $104 per square foot. The 4 most recent recorded sales traded at a median of $217/SF.
How much does it cost to lease commercial space in Baltimore?
Asking lease rates in Baltimore, MD average $18.35 per square foot per year.
What is the office vacancy rate in Baltimore?
Office vacancy in Baltimore, MD is 17.2% as of 2025, up from 12.4% in 2019. That is the highest in the 7-year series. Retail vacancy is 6.6%, below Office vacancy.
Which property type has the lowest vacancy in Baltimore?
Retail has the lowest vacancy in Baltimore, MD at 6.6%, inside a 5.8–7.2% band since 2019. For comparison: office 17.2%, industrial 8.8% and multifamily 11.3% (South).
What zoning applies to commercial property in Baltimore?
Baltimore, MD zones 54,800 acres across 66 districts, of which 8.5% is commercial and 23.2% industrial. The largest single district is Open Space at 12.8% of zoned land. OS Residential Dwelling: Caretaker's P Institutional Cultural Facility CB Per 14-308 Government Facility P Open-Space Cemetery CB Community-Managed Open-Space Farm CB Per § 14-307 Community-Managed Open-Space Garden P Per § 14-307 Fishing Pier CB Forest and Nature Preserve P Horse Stable CB Marina: Recreational CB Per § 14-323 Park or Playground P Urban Agri… Residential zoning covers 49.8% and open space 12.8%.
Where does Realmo's Baltimore market data come from?
Realmo compiles Baltimore, MD figures from 5 recent recorded sales, 1,073 active sale listings, 672 active lease listings, 21,844 tracked off-market properties, the current Baltimore zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,073 active for-sale and 672 active for-lease listings in Baltimore, MD. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 54,800 zoned acres across 66 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- multifamily vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
