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Baltimore market in the first half of 2025: multifamily resilience and office reinvention

Population gains and adaptive reuse drive momentum amid office slowdown
Construction wrapped up in March on T. Rowe Price's global headquarters. (Bryan Allen/CoStar)
Construction wrapped up in March on T. Rowe Price's global headquarters. (Bryan Allen/CoStar)
CoStar Analytics
July 17, 2025 | 6:40 P.M.

Baltimore's commercial real estate market in the first half of 2025 reflects a city in transition, where population gains and multifamily demand are fueling optimism, while office demolitions and conversions signal a structural shift in how space is used and valued.

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