Downtown Baltimore Prime For Apartment Development

According to the Baltimore Downtown Partnership about 4,000 people lived downtown in 2010, up from about 1,700 in 2000. Apartment occupancy rate is 97 percent.  The Mayor plans to introduce a bill this fall to create a 15-year tax credit for developers of downtown apartment projects. There are a number of office buildings and parking lots that could be converted to apartments.  A recent study said the city’s downtown could absorb an additional 5,000 apartment units over the next five years. These are all strong indicators pointing robust apartment development forthcoming in Baltimore City.  

Source: Sperry Van Ness|RealSite Commercial Group