The economic effects resulting from the pandemic continued to affect office market fundamentals in the Baltimore metro region. 197,000 sq. ft. of negative net absorption in Q4 2020 increased overall vacancy by 30 basis points (bps) over the prior quarter to 15.7%. Gross leasing activity totaled 772,000 sq. ft. during the quarter, bringing total 2020 leasing volume to 2.7 million sq. ft., which is down 28% from the 2019 level and 16% from the 10-year average. The most notable lease of the quarter was T. Rowe Price’s 450,000 sq. ft. prelease at Harbor Point. The financial services firm will relocate its headquarters from 100 E Pratt Street in 2024.