'State of Downtown' shows Baltimore hotels struggling, office vacancy declining
BALTIMORE -- Baltimore's Downtown Partnership released its annual "State of Downtown Baltimore" report Tuesday, highlighting $6.5 billion in investments this decade.
The investments include hospitality, housing and multi-use spaces within a mile radius encompassing downtown.
"Our people rock. Our food, our assets, our walkability, our theaters, our sports and entertainment," Downtown Partnership President Shelonda Stokes said at the breakfast Tuesday. "We know post-pandemic, people aren't open the same. They aren't back downtown. We really need to get that ecosystem working again."
WJZ reported last week through CBS Innovation Lab about Baltimore's "Downtown Rebound," showing the city is almost back to pre-pandemic activity downtown.
Stokes said there needs to be a focus on retail.
The report shows 81.7% occupancy rate for downtown.
But, office vacancy (19.76%) and office rent ($22-26 per square foot) are down in 2022 from 2021 figures.
Downtown hotels are still struggling compared to national numbers.
Baltimore's downtown hotels had a 56.9% occupancy rate in 2022.
"We're going to be thriving when we truly 'open back up,' so it doesn't surprise me the vacancies are going down," NVKSKIN owner Nikia Vaughan said. "I know (Baltimore is) more than what people perceive to be when we get the bad wrap."
To view the report, click here.
