Baltimore downtown gains residents, loses office workers

Baltimore's downtown is changing. A new report shows that while the number of office workers has decreased, the population of residents is growing slightly. The Downtown Partnership of Baltimore released the annual report, highlighting these shifts. The report found that employment in downtown Baltimore dropped from 133,950 employees in 2023 to 132,288 last year. This change reflects trends like more remote work. The partnership introduced a new “daytime population” count that includes not just traditional employees, but also self-employed and teleworking individuals. The residential population in the downtown area, which includes places like the Inner Harbor and Little Italy, increased by about 500 people. The total population is now 41,561. The crime rate in the area also improved, decreasing by 6%. However, some specific crimes like shoplifting did rise by 16%. In terms of retail, sales increased from $901 million to $909 million. The occupancy rate for retail spaces remained high at 93%. Still, there is a call for creative retail ideas to fill empty spaces. As more people live downtown, there is more demand for diverse retail options. The office market is facing challenges as many companies are reducing their office space. Around 1.8 million square feet of office space has been converted into apartments. Office vacancy rates climbed to 21%, with many vacancies in older buildings. Officials suggest that new incentives could help address these high vacancy rates. On a positive note, the planned relocation of state agencies is expected to bring more employees to downtown. So far, 1,448 state employees have moved into renovated spaces, with plans for more to follow. Baltimore is currently working on $4 billion worth of development projects. The city is positioning itself to adapt quickly to meet the evolving needs of its downtown area.