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Market Report

Baltimore Retail Market Report

2023 Investment Forecast

Revitalization Efforts May Drive Increased Foot Traffic to
Downtown Baltimore and the Inner Harbor

Sustained leasing provides optimism in the sector. Several retailers in the Baltimore metro delayed move-ins until health concerns subsided in late 2021. As pandemic restrictions were lifted, pent-up consumer demand elevated discretionary spending, restoring tenants’ confidence to lease space. Entering this year, the metro recorded five consecutive quarters of positive net absorption for the first time since 2017. Leasing has been widespread, with tenants like AutoZone, Giant Food, Dick’s Sporting Goods, and Gavigan’s Furniture each recently committing to floor plans over 40,000 square feet. While national economic headwinds are expected to slow retailer leasing in the near term, limited development will help keep availability relatively steady through this year. Looking ahead, revitalization efforts along the waterfront have the potential to increase both local and transient foot traffic in the area, which would provide a boost to space demand for properties nearby. The Lexington market reopened late last year after undergoing renovations, while redevelopment plans are in the works for Harborplace in an attempt to create a landmark destination as the centerpiece of Baltimore’s Inner Harbor.
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