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Suburban Maryland

Suburban Maryland Office Market

Average Asking Rent (Price/SF)       $27.97
Vacancy Rate (%)         14.5%
Net Absortion (SF)     373,797

Suburban Maryland's office demand picked up slightly in the fourth quarter of 2019, after moderate positive absorption in the third quarter. Net absorption in the fourth quarter measured 373,797 square feet, yet the 2019 net absorption total was only slightly higher at 376,165 square feet. The overall vacancy rate registered 14.5% at the end of the fourth quarter, down 60 basis points from the previous quarter, largely driven by the delivery of pre-leased space. Asking rental rates have increased 1.3% over the past year, ticking up to $27.97/SF from $27.61/SF at fourth-quarter 2018, although rental rates are down slightly from the previous quarter.

Washington Metropolitan Area Office Market

Average Asking Rent (Price/SF)        $39.98
Vacancy Rate (%)          16.1%
Net Absorption (SF)      687,973

Office demand in the Washington metro area was positive during the fourth quarter but down from the previous quarter. The fourth quarter saw 687,973 square feet of net absorption in the region, with positive totals in all three substate areas. Net absorption registered 373,797 square feet in Suburban Maryland, 240,019 square feet in Northern Virginia and 74,157 square feet in the District of Columbia. The metro area's annual net absorption for 2019 was 3.0 million square feet, a significant increase from 2018, when annual net absorption totaled 2.1 million square feet. Overall, 10 of the last 12 quarters have registered positive net demand. At 16.1%, the region's overall vacancy rate was unchanged from the previous quarter and 10 basis points lower than the vacancy rate recorded one year ago.

Suburban Maryland Office Market Report
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Washington Metropolitan Area Office Market Report
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