Office Space at 151 West Street in Annapolis

151 West Street is in the heart of downtown Annapolis within walking distance to the Annapolis historic/business districts and is served by the free Circulator bus on West Street. The Graduate Annapolis Hotel (formally Lowes Annapolis) is located within 275 feet of the building and the Westin Hotel is within one-third of one mile. There are over 80 different restaurants in Downtown Annapolis and 100 retail shops. The Naval Academy, State Capitol building, Governor’s Mansion, and other major State government buildings are within one-half of one mile from the property. West Street often features parades and outdoor events, such as the St. Patrick’s Day parade, Pride, and Naval Academy events. 151 West Street is ½ mile walk to Main Street, with access to Spa Creek/Annapolis Harbor, historic landmarks, and much more.

First Settled in the 17th Century, Annapolis served as the capital of the United States from 1783-1784. It currently serves as the Capital of Maryland and is home to the county government seat of Anne Arundel County. Annapolis is located on the Western Shore of the central Chesapeake Bay and is the location of Maryland's only Bay Bridge. The City is home to two major universities including the United States Naval Academy and St Johns College. with deep historical roots, Annapolis has been a thriving city for over 300 years. ideally situated east of I-95 and midway between Washington, D.C., and Baltimore, Annapolis is home to a variety of public and private employers in government, technology, defense, and service industries to name a few. The recent expansion of Class A multi-family housing in Annapolis has transformed the area from a C-Suite bedroom community to an ideal location for attracting employees who value a Suburban-Urban lifestyle along the banks of the Chesapeake.

Officially known as a submarket to Baltimore, at +/- 7.4 million SF with rents well above other traditional Baltimore markets, Annapolis more closely represents its own MSA. The vacancy rate has been essentially unchanged over the last year, and the rate was in line with the long-term average. Net absorption has been flat over the last year as well. Over a five year horizon, the market statistics are stronger, as the submarket has posted 35,000 SF of positive net absorption per 12 months on average. Rents edged up by .6% over the last year, which significantly trails the area's average annual growth of 1.7% over the past decade. Office inventory has contracted over the last three years, as demolition activity has outpaced new construction. With challenging barriers to entry- high land values and construction costs, as well as major entitlement headwinds- Annapolis has seen the delivery of very little new office space over the last 15 years.