Feasibility Study Company Independent Feasibility Analysis

Maryland · Market Intelligence

Maryland Feasibility Studies

An independent, lender-grade feasibility practice for Maryland across SBA 7(a) and 504, USDA Rural Development, EB-5, and conventional capital. This page is our standing, sourced read on where Maryland markets are oversupplied, how deals actually get funded across the state's two district offices, and where Maryland feasibility studies fail review.

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24,900
Federal positions lost since January 2025 — the most of any state2
4%
I-270 lab vacancy, end-Q1 2025 — vs. 21.9% suburban office availability58
$22B
Annual hospital revenue under HSCRC global budgets24
2
SBA district offices split the state25
The Maryland Thesis

A statewide Maryland number is indefensible.

Maryland is four economies wearing one flag. The affluent, federally driven DC suburbs of Montgomery and Prince George's, the eds-and-meds Baltimore metro, the rural Eastern Shore, and logistics-and-tourism Western Maryland move on opposite cycles, and the decisive proof is that the same asset class — office — behaves oppositely across regions. Along the I-270 corridor, JLL put lab and life-science vacancy at just 4 percent at the end of Q1 2025 with asking rents up a striking 18.4 percent year over year;5 yet the conventional suburban Maryland office market surrounding it has held above 15 percent vacancy for five straight years and hit 21.9 percent direct availability in Q1 2026, while downtown Baltimore office is in outright distress.68 A single statewide office capture rate mis-underwrites by well over a thousand basis points.

The signature 2026 risk is federal, and it is concentrated in the DC suburbs. Maryland lost an estimated 24,900 federal positions in 2025, the most of any state, with federal jobs about 5.3 percent of state employment against 1.8 percent nationally.24 The state grew only about 0.3 percent between mid-2024 and mid-2025, and domestic out-migration in Baltimore City and the DC-suburban counties outpaced the state average.1 Underwriting suburban office, multifamily, or retail as if the federal anchor is stable is now dangerous. Bethesda is not Baltimore; Baltimore is not Salisbury; neither resembles Hagerstown. We underwrite Maryland region-by-region, against the current pipeline, the district funding channel, and the Maryland-specific factors most studies miss.

What follows is organized as a working desk: a live oversupply monitor, a funding-routing map, the review failures that sink Maryland studies, the regulatory edges that decide outcomes — the full Certificate-of-Need program and the unique HSCRC global-budget system — and a per-region demand fingerprint. Every figure is dated and attributed in the sources below.

The Oversupply & Pipeline Monitor

Where Maryland markets stand, metro by metro.

A supply-pressure read for each region and asset class, refreshed each quarter from named primary sources. A dash means we hold no current tracked reading, not that the market is balanced. Reads are point-in-time; data current to Q2 2026.

Supply pressure: Oversupplied Balanced Undersupplied Digesting / emerging
Metro / Region Multifamily Industrial Office Life Science / Lab Hotel
Montgomery Co. BalancedFederal-demand risk Balanced Oversupplied21.9% avail., Q1'26 Undersupplied4% vac.; NIH risk Balanced
Prince George's Co. BalancedUMD, FBI-to-Greenbelt Digesting Oversupplied — BalancedNational Harbor
Baltimore City Digesting~7.5% vac.; conversions Digesting8.7% vac., Q1'26 OversuppliedConversion distress Emerging BalancedInner Harbor
Baltimore Co. / Anne Arundel / Howard Balanced DigestingI-95 ~10.1% BalancedFort Meade cyber Emerging Balanced
Frederick Co. DigestingFast growth Balanced Balanced EmergingBiotech mfg Balanced
Eastern Shore (Salisbury / Ocean City) Balanced Balanced Balanced — BalancedOcean City seasonal
Western MD (Hagerstown / Cumberland) Balanced BalancedI-81/I-70 logistics Balanced — Balanced

Readings compiled from sources 5–20 below. Vendor vacancy estimates for the same metro can differ; each figure is attributed at its point of use.

Office: the same sector, opposite outcomes

Maryland's clearest analytical trap is office, where one label cannot describe the state. Along the I-270 corridor, JLL Managing Director Pete Briskman put lab and life-science vacancy at just 4 percent at the end of Q1 2025, down 2.6 points year over year, with asking rents up 18.4 percent and 349,000 square feet of net absorption across 59 leases in the trailing twelve months — a landlord's market.5 Yet the conventional suburban Maryland office market that surrounds it has held above 15 percent vacancy for five straight years (CBRE), reached 19.5 percent with six consecutive quarters of negative absorption in Q3 2025 (Colliers), and hit 21.9 percent direct availability at a $31.28 full-service rent in Q1 2026 (Avison Young), with no new construction for eight straight quarters.678 Downtown Baltimore is a third outcome entirely — outright distress, with office-to-residential conversion loans in foreclosure and record-low trades near $11.86 per square foot.7 A single statewide office capture rate mis-underwrites by well over a thousand basis points.

Multifamily: Baltimore digesting, the DC suburbs carry federal risk

Baltimore multifamily held around 7.5 percent vacancy through 2025, absorbing more than 1,350 units against roughly 1,400 delivered and ending the year near 1.0 percent rent growth, with completions falling from more than 4,000 units in 2024 to about 1,400 in 2025 and only around 2,300 units under construction, about 1.1 percent of stock (Harbor Stone Advisors, late 2025) — favorable next to oversupplied Sun Belt markets such as Austin at negative 4.9 percent.9 In the DC suburbs the risk is not oversupply but federal-demand erosion: Montgomery County, at 1,082,273 residents, and Prince George's, at about 966,629, are supply-constrained and historically tight, but their demand engine is the federal workforce now contracting.12 Frederick is the growth outlier, among the state's fastest-growing jurisdictions and digesting new supply.

Industrial: from a decade of gains into correction territory

Baltimore industrial has turned after a decade-long run. CBRE reported vacancy of 8.3 percent in Q4 2025, the highest since Q3 2016, rising to 8.7 percent in Q1 2026 with 796,000 square feet of negative absorption, and CoStar has described the market as entering correction territory.10 Colliers, on a broader I-95 corridor definition, pegged year-end 2025 vacancy nearer 9.9 percent and 10.1 percent in Q1 2026 — pushed by the closure of Rite Aid's 800,000-square-foot Harford County distribution facility after its Chapter 11 — with asking rents around $11.10 triple-net and roughly 3.2 million square feet of 2025 deliveries.11 The Port of Baltimore set a vessel-call record of 2,223 in 2025, up 21 percent, and handled about 50 million tons valued at $65.6 billion, its second-best year, but ranked 11th nationally, below its pre-collapse 9th, and the Francis Scott Key Bridge rebuild is now budgeted at $4.3 to $5.2 billion with completion pushed to late 2030.1213

Life science: a landlord's market with an NIH string attached

The I-270 corridor and Montgomery County anchor the tri-jurisdictional BioHealth Capital Region around NIH in Bethesda, the FDA in White Oak, Johns Hopkins, and a dense biotech base including AstraZeneca/MedImmune, Novavax, and United Therapeutics. Local tightness — 4 percent lab vacancy and 18.4 percent rent growth — is the sharp exception to a brutal national cycle in which CBRE put top-13-market lab vacancy at 23.2 percent in Q1 2026 and JLL's national read ran as high as 27 percent.518 But the cluster's demand engine is NIH funding, and a proposed 15 percent indirect-cost cap plus grant terminations put the thesis directly at risk: Johns Hopkins, the nation's largest NIH recipient at over $1 billion in FY2024, announced layoffs of 1,975 international and 247 US positions after $800 million in USAID terminations and faces roughly $200 million a year of indirect-cost exposure.15 A Maryland lab-demand thesis that ignores the NIH trajectory is indefensible.

Self-storage: dense suburbs likely undersupplied per capita

The Yardi Matrix national advertised street rate was $16.07 per square foot annualized in March 2026, down 2.0 percent year over year, against a national benchmark near 7.8 square feet per capita; Baltimore street rates run below Washington, DC, with climate-controlled units averaging about $87 a month in April 2026 (Extra Space Storage).20 Dense suburban Maryland reads balanced-to-undersupplied per capita, though metro-level square-foot-per-capita figures should be pulled to a named vendor before they drive a lease-up curve.

Hotels, senior housing, and the federal-travel swing

US hotel occupancy slipped to 62.3 percent in 2025 with RevPAR down 0.3 percent to $100.02, the first annual declines since 2020 (CoStar).21 Maryland's demand is anchored by National Harbor's MGM and Gaylord convention complex in Prince George's, Baltimore's Inner Harbor convention and medical-tourism base, seasonal Ocean City, and state-capital Annapolis; the swing factor is federal travel and shutdown risk, with the October 2025 shutdown affecting roughly 269,000 Maryland federal residents.16 In senior housing, Baltimore is among the strongest occupancy markets in the country at 91.8 percent in Q1 2026 against a US average of 89.5 percent, with only eight communities under construction across the region — and skilled-nursing beds remain CON-capped, a supply constraint that separates gated nursing from largely ungated assisted living.19

The Funding-Routing Map

How a Maryland deal actually gets funded.

Feasibility work exists to satisfy a specific reviewer. Knowing which district and channel funds your asset is half the battle, and Maryland's split between two SBA district offices is the single most common routing error. This is the routing most feasibility pages never publish.

SBA district offices in Maryland
Two district offices partition the state, split by the DC-suburban line.25
District officeRegion covered
Baltimore District OfficeBaltimore City and all Maryland counties except Montgomery and Prince George's; 100 S. Charles St., Baltimore
Washington Metropolitan Area District OfficeMontgomery and Prince George's counties, shared with DC and Northern Virginia

On the 504 side, Maryland is served by regional Certified Development Companies led by Business Finance Group, which authorized 102 loans for $83 million in FY2019 and describes itself as the top Mid-Atlantic CDC, alongside Mid-Atlantic Business Finance Company, the Baltimore Development Corporation, and the Salisbury-based CDFI Maryland Capital Enterprises; competing self-reported "largest" claims are unresolved without the SBA data file.26 On the 7(a) side, M&T Bank is the dominant Mid-Atlantic lender, ranked number one in both the Baltimore district, with 427 loans for $50.7 million, and the Washington district, with 246 loans for $36.7 million, and Sandy Spring Bank, EagleBank, Truist, PNC, Harbor Bank of Maryland, Shore United Bank on the Eastern Shore, and national leader Live Oak Bank are also active; Maryland SBA providers funded roughly 2,300 businesses for about $1.9 billion in fiscal 2025.27 For rural credits, USDA Business and Industry guaranteed loans route through the Delaware-Maryland state office in Dover, covering the Eastern Shore poultry belt, Western Maryland, and rural Southern Maryland.28 The decisive new tool is the July 4, 2026 decoupling of the 7(a) and 504 caps to a combined $10 million, the highest in agency history.30

  • Lab, biotech, or medical office in Montgomery or Prince George'sRoute to the Washington Metropolitan Area District Office; 504 via Business Finance Group; 7(a) via M&T, EagleBank, or Sandy Spring.
  • Industrial, multifamily, or hospitality in Baltimore metro, Central, or Eastern MarylandRoute to the Baltimore District Office; 7(a) via M&T (Baltimore number one) or Sandy Spring; 504 via Business Finance Group or Mid-Atlantic Business Finance.
  • A rural project on the Eastern Shore, in Western Maryland, or in Southern MarylandUSDA Business & Industry through the Delaware-Maryland state office in Dover; pair with Shore United Bank or Maryland Capital Enterprises.
  • A business acquisition plus real estate on one dealAfter July 4, 2026, stack a 7(a) up to $5M and a 504 up to $5M for $10M combined; sequence the 7(a) first.
  • A hospital, nursing-home, or comprehensive-care bed expansionClear a Certificate of Need with the Maryland Health Care Commission before financing; the CON is itself a gating deliverable.
Common Review Failures

How Maryland feasibility studies fail review.

Each failure below is tied to a real Maryland number. These are the recurring reasons a Maryland study loses credibility with a lender or agency, engineered out of our deliverables before they ship.

  1. Statewide-average error

    Blending federally driven suburban DC-Maryland with eds-and-meds Baltimore, the rural Eastern Shore, and Western Maryland fits no actual submarket. The office split is the proof: 4 percent I-270 lab vacancy against 19.5 to 21.9 percent suburban conventional office and distressed downtown Baltimore.578

  2. Federal-workforce contraction

    Maryland lost an estimated 24,900 federal positions in 2025, the most of any state, with federal jobs about 5.3 percent of state employment versus 1.8 percent nationally; the announced 24 percent HHS workforce cut could cost roughly 8,419 Maryland jobs, and USAID's shutdown alone cost about $548 million. Underwriting suburban office, multifamily, or retail as if the federal anchor is stable is now a documented error.2416

  3. NIH-funding concentration risk

    Maryland universities drew more than $2.4 billion in NIH grants in FY2024, and Johns Hopkins is the single largest NIH recipient nationally; the proposed 15 percent indirect-cost cap would leave Hopkins roughly $200 million a year short, and it has already announced more than 2,200 layoffs. A lab-demand thesis that ignores the NIH trajectory is indefensible for Maryland specifically.1517

  4. Baltimore urban distress and the Key Bridge

    Baltimore City is the only major Maryland jurisdiction losing population, with distressed downtown office and conversion-loan foreclosures, while the Francis Scott Key Bridge rebuild has ballooned to $4.3 to $5.2 billion with completion slipped to late 2030, removing a 30,000-vehicle-per-day artery. Optimistic Baltimore-City underwriting that ignores the rebuild timeline is a failure mode.1213

  5. Federal-lease exposure

    Maryland holds 207 federal leases, and about 36 percent of the DC region's 372 leases expire by the end of 2027; GSA moved to terminate roughly 1.7 million square feet across the region, and though many public-facing terminations were reversed, a suburban office pro forma that treats a GSA tenancy as term-certain is mispriced.14

  6. Certificate-of-Need and HSCRC misread

    Treating Maryland hospital or skilled-nursing supply as market-driven is wrong. Maryland is a full CON state under the Maryland Health Care Commission and uniquely caps all hospital revenue through the HSCRC global-budget system, so hospital and nursing-bed supply are gated, not open. Competitors who state that Maryland has no CON are simply incorrect.2324

  7. High-tax and out-migration overlay

    The 2025 Budget Reconciliation and Financing Act added two income brackets, a 2 percent capital-gains surtax, and a 3 percent tax on IT and data services, raising project costs, while the state grew only about 0.3 percent in 2024–2025 with domestic out-migration concentrated in Baltimore City and the DC-suburban counties. Boomtown capture rates do not apply here.291

Regulatory Edges

The Maryland rules that decide feasibility outcomes.

Maryland is among the most heavily regulated healthcare markets in the nation, and two edges in particular separate a study that survives review from one that does not — the ones competitors most often state wrong.

Certificate of Need: a full-CON state, administered by the MHCC

Maryland requires a Certificate of Need across a broad set of health-care projects — new facilities and hospitals, changes in hospital bed capacity, nursing-home and comprehensive-care beds, home-health agencies, hospices, and hospital capital expenditures above a threshold — under the Maryland Health-General Article, Title 19, with regulations at COMAR Title 10.24, all administered by the Maryland Health Care Commission.23 The hospital capital-expenditure threshold triggering review is $12.4 million, effective April 24, 2019 until further notice. Decisively for senior-housing feasibility, nursing-home and comprehensive-care beds remain CON-capped, with need projected jurisdiction by jurisdiction, so skilled-nursing supply is gated rather than market-driven and the CON application becomes a gating deliverable. Competitors who state that Maryland has no CON are wrong.23

The HSCRC all-payer global budget — unique in the nation

Maryland is the only state that sets hospital rates for all payers, operating an all-payer system through the Health Services Cost Review Commission under a federal Medicare waiver dating to 1977.24 Under the Total Cost of Care Model, all 43 Maryland general hospitals run on Global Budget Revenue — each hospital's total annual revenue is fixed regardless of volume — and roughly $22 billion a year of hospital revenue sits under HSCRC authority. Maryland is now transitioning to the CMMI AHEAD model, under which, effective January 1, 2028, CMMI takes over Medicare fee-for-service global-budget setting while the HSCRC continues to set rates for other payers.24 The practical consequence for feasibility is that hospital oversupply risk is structurally low and hospital-linked real-estate expansion is revenue-constrained; a study that misses the HSCRC layer misunderstands the Maryland hospital market.

Data centers, power, and the permitting path

Maryland's bid to capture Northern Virginia data-center spillover runs through Quantum Frederick, a roughly 2,100-acre campus in Adamstown on the former Alcoa Eastalco smelter site with about 1,080 megawatts of existing transmission capacity and a 40-mile fiber ring to Ashburn.22 Aligned Data Centers was the first tenant, and the Frederick County Planning Commission approved the first 450,000-square-foot site plan on a 4-to-3 vote — a reminder that local land-use approval, not just power, is a binding gate. The 2020 sales-and-use-tax exemption for qualifying data-center investments and the 2024 Critical Infrastructure Streamlining Act underpin the push, but PJM transmission capacity and water remain the constraints that decide project timelines.

Taxes and tailwinds

Two forces cut against each other. The 2025 Budget Reconciliation and Financing Act, signed May 20, 2025, added two income-tax brackets, a 2 percent capital-gains surtax on higher earners, a 3 percent sales tax on IT and data services effective July 1, 2025, and a higher top local rate, raising project costs and out-migration risk while leaving the corporate rate at 8.25 percent.29 Cutting the other way, the data-center sales-tax exemption lowers qualifying capital costs, and the SBA's July 4, 2026 increase of the combined 7(a)-plus-504 ceiling to $10 million materially enlarges bankable deal size.30

Metro Divergence

Maryland regions, distinct demand fingerprints.

Each region carries its own economic base and its own supply position. These are the units of analysis for a Maryland study, and each anchors a dedicated market page.

Federal, biotech & life science

Montgomery County (Bethesda / Rockville / Gaithersburg)

NIH, the FDA, and the I-270 BioHealth corridor anchor the state's wealthiest county at 1,082,273 residents. Lab space is a landlord's market near 4 percent vacancy while conventional suburban office runs above 20 percent, and the decisive risk is NIH funding and the federal-workforce contraction.15

Federal, universities & National Harbor

Prince George's County

The University of Maryland, the FBI-headquarters-to-Greenbelt decision, and National Harbor's MGM and Gaylord complex anchor about 966,629 residents. Multifamily reads balanced and hospitality is convention-driven, but office is oversupplied and federal demand carries downside.1

Eds, meds & the Port

Baltimore City

Johns Hopkins, the Port of Baltimore, and an eds-and-meds base anchor about 573,243 residents in the only major Maryland jurisdiction losing population. Multifamily is digesting conversions near 7.5 percent vacancy, industrial has turned to correction, and downtown office is distressed.1910

Cyber, defense & logistics

Baltimore County, Anne Arundel & Howard

The Social Security Administration, Fort Meade and the NSA cyber cluster, BWI, and one of the nation's highest-income counties in Howard anchor a durable, defense-linked BWI corridor. Industrial is digesting along I-95 while office holds balanced on cyber demand.111

Data centers & biotech manufacturing

Frederick County

Between Washington and Baltimore, fast-growing Frederick County near 300,000 residents anchors the Quantum Frederick data-center campus and a biotech-manufacturing base. Multifamily is digesting growth-driven supply, and the industrial and lab-manufacturing pipelines are emerging.122

Poultry, agriculture & Ocean City

Eastern Shore (Salisbury / Ocean City)

The Delmarva poultry industry, agriculture, and Ocean City tourism anchor a USDA-eligible rural economy. Demand is steadier and seasonal, storage and multifamily read balanced, and Ocean City hospitality must be underwritten on monthly, not annual, occupancy.28

Logistics & mountain tourism

Western Maryland (Hagerstown / Cumberland)

Hagerstown's I-81 and I-70 junction supports big-box logistics growth while far-western Allegany and Garrett counties lean on Deep Creek Lake tourism. Reads are broadly balanced, with logistics the growth vector and the far west flat to declining.

Federal exurbs & Patuxent

Southern Maryland (Charles / Calvert / St. Mary's)

Patuxent River Naval Air Station and Washington-exurb growth anchor a roughly 500,000-resident region. Demand is federal-and-defense-linked and steadier than the metro core, though thinner metro-level supply data calls for primary local research.1

By Asset Class

Maryland feasibility studies by asset class.

Each asset class carries its own Maryland demand drivers, from federal-workforce exposure and NIH-linked lab demand to the Delmarva poultry belt and the CON-capped senior-housing market. Explore the analytical approach by property type.

Maryland Questions

Maryland feasibility study questions.

Does Maryland require a feasibility study for an SBA loan?

Under SBA SOP 50 10 8, a feasibility study is discretionary rather than universally mandated, and lenders commonly require one for special-purpose properties and startup or ground-up projects that lack operating history. Maryland carries heavy special-purpose and healthcare-linked collateral, from assisted living and hotels to life-science and flex space, so feasibility analysis is frequently expected on Maryland SBA credits.

Does Maryland have a Certificate of Need law?

Yes. Maryland is a full Certificate of Need state under the Maryland Health-General Article, Title 19, administered by the Maryland Health Care Commission, requiring CON for new health-care facilities and hospitals, changes in hospital bed capacity, nursing-home and comprehensive-care beds, home-health agencies, hospices, and hospital capital spending above roughly $12.4 million. Maryland also uniquely operates an all-payer hospital global-budget system through the Health Services Cost Review Commission. Competitors who state that Maryland has no CON are wrong, and those who miss the HSCRC layer misunderstand the market.

Which Maryland real estate markets are oversupplied right now?

As of Q2 2026, conventional suburban Maryland office is the clearest oversupply, above 15 percent vacancy for five straight years and reaching about 21.9 percent direct availability in Q1 2026, with downtown Baltimore office in outright distress. Baltimore industrial has shifted into correction territory near 8.7 percent vacancy. By contrast, the I-270 life-science corridor is undersupplied at about 4 percent lab vacancy, and Baltimore multifamily reads balanced near 7.5 percent vacancy while it digests conversions.

How does the federal workforce contraction affect Maryland feasibility?

Maryland lost an estimated 24,900 federal positions in 2025, the most of any state, and federal jobs are about 5.3 percent of state employment versus 1.8 percent nationally, so suburban Maryland office, multifamily, and retail demand is structurally exposed. The announced 24 percent HHS workforce reduction could cost roughly 8,419 Maryland jobs at full implementation. Underwriting suburban demand as if the federal anchor is stable is now a documented error.

Who funds SBA and USDA loans in Maryland?

Maryland is split between two SBA district offices: the Baltimore District Office covers Baltimore City and all counties except Montgomery and Prince George's, which route through the Washington Metropolitan Area District Office. M&T Bank is the dominant 7(a) lender in both districts, with Sandy Spring, EagleBank, and Live Oak also active, and 504 credits route through CDCs led by Business Finance Group and Mid-Atlantic Business Finance. USDA Business and Industry loans route through the Delaware-Maryland state office in Dover, serving the Eastern Shore, Western Maryland, and rural Southern Maryland.

What is the HSCRC and why does it matter for a Maryland feasibility study?

The Health Services Cost Review Commission runs Maryland's all-payer hospital rate-setting system, the only one in the United States, under a federal Medicare waiver dating to 1977. All 43 Maryland general hospitals operate on Global Budget Revenue, meaning each hospital's total annual revenue is fixed regardless of volume, and roughly $22 billion a year of hospital revenue sits under HSCRC authority. The practical consequence is that hospital oversupply risk is structurally low and hospital-linked real-estate expansion is revenue-constrained, so any hospital-adjacent Maryland study must model the HSCRC layer.

How is a Maryland feasibility study different from a national one?

Maryland is four economies wearing one flag: the federally driven DC suburbs, eds-and-meds Baltimore, the rural Eastern Shore, and logistics-and-tourism Western Maryland, and they move on opposite cycles. The same asset class behaves oppositely across regions, with I-270 lab vacancy near 4 percent against suburban conventional office above 21 percent. A defensible Maryland study is built region-by-region against the current pipeline, the two-district SBA channel, and Maryland-specific factors most studies miss: the federal-workforce and NIH concentration, and the full CON plus HSCRC global-budget hospital regime.

Underwriting a Maryland project? Start with the market read.

A methodology briefing walks through the analytical framework, the deliverable composition, and the current Maryland market data for your region and asset class — including the federal-workforce, NIH, and Certificate-of-Need factors that decide Maryland outcomes.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. Real-estate readings are point-in-time and vendor-dependent; where vendors disagree, the range is shown and each is attributed at its point of use.

  1. U.S. Census Bureau, Vintage 2024 Population Estimates (Maryland 6,263,220; county figures incl. Montgomery Planning citing 2024 ACS); ~0.3% 2024–2025 growth via U.S. Census Population Estimates, reported by the Baltimore Banner (March 2026).
  2. Office of Governor Wes Moore, federal-employment statement citing U.S. Bureau of Labor Statistics (January 7, 2026): 24,900 federal positions lost since January 2025, including 10,300 in October–November.
  3. Maryland Department of Labor, federal-workforce figures (~163,100 in January to ~148,500 by September 2025), via Maryland Matters (December 2025).
  4. Office of Governor Wes Moore, federal-jobs share of Maryland employment (~5.3% vs. ~1.8% nationally), via Fox5DC (January 2026).
  5. JLL (Managing Director Pete Briskman), I-270 lab and life-science market read, end-Q1 2025 (4% vacancy, +18.4% YoY rents, 59 leases, 349,000 sf net absorption), via Bisnow.
  6. CBRE, suburban Maryland office (above 15% vacancy five consecutive years) and national lab vacancy (23.2% Q1 2026, 23.4% Q3 2025).
  7. Colliers, suburban Maryland office (19.5% vacancy, six quarters negative absorption of 1.6M sf, no new construction for eight quarters, Q3 2025); downtown Baltimore repricing (100 N. Charles at ~$11.86/sf, MacKenzie, Q2 2024).
  8. Avison Young, suburban Maryland office (21.9% direct availability, $31.28/sf full-service, Q1 2026).
  9. Harbor Stone Advisors, Baltimore multifamily year-end review (late 2025): ~7.5% vacancy, 1,350+ units absorbed, ~1.0% rent growth, ~2,300 units under construction (~1.1% of stock), completions down from 4,000+ (2024) to ~1,400 (2025).
  10. CBRE, Baltimore industrial (8.3% vacancy Q4 2025, 8.7% Q1 2026, 796,000 sf negative absorption); CoStar "correction territory" characterization.
  11. Colliers, Baltimore/I-95 corridor industrial (2025 deliveries ~3.2M sf, year-end vacancy ~9.9%, 10.1% Q1 2026, asking rents ~$11.10/sf NNN); Rite Aid 800,000 sf Harford County distribution-center closure after Chapter 11.
  12. Maryland Transportation Authority (MDTA) press release (November 17, 2025), Francis Scott Key Bridge replacement ($4.3–5.2B, completion late 2030; cable-stayed span with 1,665-ft main span).
  13. Maryland Port Administration, 2025 Port of Baltimore results (~50M tons, $65.6B, 2,223 vessel calls, up 21%; 11th nationally; RoRo 887,513 tons, autos ~728,225), via Office of Governor Moore (March 24, 2026).
  14. U.S. General Services Administration lease data (Maryland 207 leases; ~36% of the DC region's 372 leases expire by end-2027), via CNS Maryland (March 2025); GSA ~1.7M sf termination plan and reversals via Federal News Network (2025).
  15. Higher Ed Dive, Johns Hopkins NIH funding and layoffs (over $1B in FY2024 incl. $281.4M indirect per JHU EVP Laurent Heller court filing; 1,975 international and 247 US layoffs after $800M USAID terminations; ~$200M/yr indirect-cost-cap exposure).
  16. Maryland Comptroller and Brookings Institution analyses (2025–2026): HHS ~$30B in Maryland in FY2024 and ~34,404 Maryland residents employed; announced 24% HHS cut could cost ~8,419 jobs; USAID shutdown ~$548M; October 2025 shutdown affected ~269,000 Maryland federal residents.
  17. Maryland Department of Commerce, life-science sector (~3,600 firms/nonprofits, ~50,000 direct jobs) and Maryland universities' NIH grants (>$2.4B FY2024), via the Baltimore Banner.
  18. CBRE, national lab vacancy (top-13 markets 23.2% Q1 2026); JLL national lab read as high as 27%.
  19. NIC MAP Vision, senior-housing occupancy (Baltimore 91.8% Q1 2026 vs. U.S. 89.5%; Baltimore 90.6% Q1 2025; new units under construction lowest since 2012), April 23, 2026 and April 2025 releases; eight communities under construction regionally via WYPR (May 28, 2026).
  20. Yardi Matrix national self-storage advertised street rate ($16.07/sf annualized, March 2026, down 2.0% YoY) via Multi-Housing News (April 2026); ~7.8 sf/capita benchmark (StorageCafe/Yardi Matrix); climate-controlled unit ~$87/month (Extra Space Storage, April 2026).
  21. CoStar, U.S. hotel performance 2025 (occupancy 62.3%, down 1.2%; RevPAR $100.02, down 0.3%), via Hotel Dive (January 2026).
  22. Data Center Frontier; Frederick County Planning Commission approvals; Frederick News-Post — Quantum Frederick (formerly Quantum Loophole), ~2,100-acre Adamstown campus, ~1,080 MW transmission, 40-mile QLoop fiber ring, Aligned Data Centers first tenant, 450,000 sf first site plan approved 4–3; Maryland 2020 data-center sales-tax exemption and 2024 Critical Infrastructure Streamlining Act.
  23. Maryland Code, Health-General Article, Title 19 (CON provisions at §19-114 et seq. and §19-120); COMAR Title 10.24; Maryland Health Care Commission threshold notice (hospital capital-expenditure threshold $12,400,000, effective April 24, 2019).
  24. Maryland Health Services Cost Review Commission (HSCRC); Commonwealth Fund (June 2024): all-payer Total Cost of Care Model, 43 general hospitals on Global Budget Revenue, ~$22B/yr under HSCRC authority; CMMI AHEAD model transition effective January 1, 2028; Governor Moore directive to the Secretary of Health (September 23, 2025).
  25. U.S. Small Business Administration, Baltimore District Office and Washington Metropolitan Area District Office directories (current 2026).
  26. Business Finance Group (congressional testimony, 2019): FY2019 102 loans for $83M; Mid-Atlantic Business Finance Company; Baltimore Development Corporation; Maryland Capital Enterprises; SBA 504 CDC lender data via data.sba.gov.
  27. M&T Bank FY2025 SBA lender data (Baltimore district #1, 427 loans/$50.7M; Washington district #1, 246 loans/$36.7M; 2,701 7(a) loans/$294M nationally, up 47.4% in units); Maryland SBA providers funded ~2,300 businesses for ~$1.9B in FY2025 (GoSBA).
  28. USDA Rural Development, Delaware-Maryland State Office, Dover, DE (rd.usda.gov, current 2026); USDA-eligible geography across the Eastern Shore, Western Maryland, and rural Southern Maryland.
  29. Maryland Budget Reconciliation and Financing Act of 2025 (HB 352, signed May 20, 2025): two new income brackets (6.25% and 6.5%), 2% capital-gains surtax (AGI >$350,000), 3% sales tax on IT/data services (effective July 1, 2025), top local rate 3.3%, corporate rate unchanged at 8.25%; Grant Thornton and RSM summaries (2025).
  30. U.S. Small Business Administration, combined 7(a)-plus-504 loan-cap increase to $10 million effective July 4, 2026 (SBA Policy Notice 5000-879058).