Moving from Assets to Strategy: Recap of This Year’s State of Downtown

April 28, 2025

The excitement was palpable. There was a buzz in the air. It wasn’t just another morning in downtown Baltimore. It was the morning of the highly anticipated State of Downtown.

Once again, more than 500 members of Baltimore’s diverse community, representing business, government, non-profits and the like, streamed into the Renaissance Harborplace Hotel to attend the 2025 State of Downtown breakfast presented by Gallagher, Evelius & Jones.

Image by Ana Tantaros, Side A Photography

The only goal of the morning, more important than getting a copy of the State of Downtown report, was catching up with old colleagues and making new connections while networking over breakfast. How do more than 500 people take their eggs you ask? Very loudly.

The downtown Baltimore community is a network of businesses, residents, organizations and associations all committed to seeing downtown thrive. There isn’t just strength in their sheer numbers. The true strength lies in their collaboration.

From developers and dignitaries to business executives, clergy and more, everyone plays an essential part in the momentum underway, and everyone is vital to the work of Downtown Partnership of Baltimore. So even at 8:00 a.m., when all the partners come together, it’s a party albeit for a purpose.

Promptly at 8:45 a.m., the doors opened, and the room filled up quickly with everyone’s attention shifting to the stage as soon as a voice overhead announced the program was about to begin. At 9 a.m., Ohnalea Shimenuk, general manager of the Renaissance Harborplace Hotel and Downtown Partnership of Baltimore board member, opened the program appropriately welcoming everyone to her esteemed property. After recognizing her fellow board members, she introduced a video from the Governor of Maryland Wes Moore, who highlighted that Downtown Baltimore is now both rich in assets and rich in strategy thanks to Downtown RISE, an initiative of the Baltimore City Mayor’s Office. He concluded his message by reiterating a key theme from last year, which still holds true today, that while it may be Maryland’s decade and Baltimore’s time, it is indeed Downtown’s moment.

Following the video, Downtown Partnership of Baltimore Chairman of the Board and President of Baltimore Gas & Electric Carim Khouzami came to the stage bringing greetings and remarks. He echoed the theme of the morning — collaboration and partnership — and emphasized how nothing gets done in isolation. Only by working together do we achieve what needs to be done for a better Baltimore.

Image by Ana Tantaros, Side A Photography

Next was the moment everyone had been waiting for, Shelonda Stokes, and this year’s assessment of the State of Downtown. Walking on stage to resounding applause, Shelonda first recognized dignitaries in the room to include Comptroller of Maryland Brooke Lierman, Baltimore City Mayor Brandon Scott, Baltimore City Council Chairman Zeke Cohen, and Baltimore City Councilman Zac Blanchard to name a few that were currently in the audience.

Then it was time to focus on the State of Downtown report, presented by MCB Real Estate, highlighting key data in employment, office space and retail, as well as tourism, arts and entertainment, and downtown living. This year’s report was compiled differently than in year’s past. It was compiled in partnership with organizations, such as JLL, BDC, Baltimore Police Data Driven Strategies Division, Visit Baltimore, Live Baltimore and more. DPOB leveraged Visit Baltimore’s methodology and compared Baltimore to perception cities and aspirational cities. However, using the one-mile radius, which captures the 13 neighborhoods that define downtown, to compare our city against other cities remained.

One of the report’s many highlights is that tourism is rising attributing to 6,009 jobs in Downtown Baltimore. Overall, Baltimore City welcomed 27.5 million visitors, which is up nearly 3%, generating $4 billion in spending. Downtown alone welcomed 7.3 million of those visitors. Surely the newly renovated CFG Bank Arena played a role. After a $250 million investment, the CFG Bank Arena ranks 4th in North America for ticket sales and 6th, globally, for revenue among venues of its size. In 2024, the CFG Bank Arena brought 172 live performances to downtown, 37% of which were sold out, attracting 1.5 million attendees.

Another key factor impacting Downtown’s momentum is the Downtown Rise Strategic Action Plan, led by Mayor Scott, in partnership with Downtown Partnership and others. It lays out a bold vision for immediate action and long-term transformation, while connecting economic development; infrastructure; arts, culture and entertainment; public safety, and cleanliness. It’s a 39-step plan to ensure Downtown Baltimore’s success. As a result, the city is now rich in both assets and strategy creating a win-win combination.

DOWNLOAD THE REPORT HERE

Baltimore is a strong buy, and, before the panel discussion, an engaging video reel of elected officials played detailing the importance of Downtown Baltimore to the overall region. Lawmakers reiterated their commitment to the city and shared what Downtown Baltimore meant to them from the iconic architecture to its authenticity and boldness.

This year’s program concluded with a panel featuring: Stephen Leeper, president and CEO of Cincinnati Center City Development Corporation; Vaki Mawema, principal and co-managing director of Gensler Baltimore; and The Honorable Brandon M. Scott, mayor of Baltimore City. They each brought their unique views and perspectives on the state of Downtown.

Image by Ana Tantaros, Side A Photography

Leeper focused on using the city’s assets and strengths to support the city’s challenges. He gave an example of how Cincinnati jointly rebuilt its downtown while revitalizing a neglected area of the city. He highlighted that you cannot underestimate civic spaces and that they need to be programmed on a continuous basis. Regarding office space, his opinion was that it isn’t dead, it just needs to be reconfigured. It’s about quality of space versus quantity of space and aligning to how we work now, which is in more open-concept areas and utilizing common spaces for collaboration.

Mawema discussed the declining population in downtowns and the importance of activations and having things to do. With the office-to-residential conversion phenomenon, Downtown is Baltimore’s fastest growing neighborhood. The State of Downtown 2024 report referenced the mixed-use conversion of the Fidelity & Deposit (F&D) Building at 210 N. Charles Street. A long-vacant, historic property, the F&D Building will be converted into 231 residential units and add approximately 30,000 square feet of ground floor commercial space, reducing Baltimore’s office vacancy by 240,000 square feet. Currently, the office vacancy rate in Downtown Baltimore is 21.7%. Mawema concluded that, Downtown Baltimore has some of the best open space in the world and there are very few downtowns located on a waterfront, which is clearly one of our distinct advantages.

“Downtown Baltimore has some of the best open space in the world and there are very few downtowns located on a waterfront, which is clearly one of our distinct advantages.”

Mayor Scott re-emphasized the importance of Downtown RISE and how it correlates to the success of Downtown Baltimore. It’s a funded plan that already complements the work being done in the city, outlining both short and long-term goals. As assessments decrease, Downtown RISE has allowed DPOB to maintain and, in some cases, enhance its services. The city also highlighted a new permit process, partnerships around public safety and how downtown stat integrates DPOB with city agencies.

As the meeting wrapped up, Mayor Scott concluded with the perfect messaging. He stressed that the time for slow progress is over. We must maximize the $7B in investment NOW. Downtown Baltimore is primed for its second renaissance, but we must work together, and we must work now because when Downtown thrives so does all of Baltimore.