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Suburban Maryland Market Reports

Suburban Maryland Office Market

Average Asking Rent (Price/SF)    $27.09
Vacancy Rate (%)     16.7%
Net Absortion (SF)    28,884

The two largest lease deals signed in the third quarter of 2017 in the Washington Metro region, totaling approximately 1.3 million square feet, were executed in Suburban Maryland. Although these deals will not factor into absorption until the tenants relocate, market performance improved in Suburban Maryland, with third-quarter net absorption at 28,884 square feet-an improvement over last quarter and from one year ago. Class A fundamentals were sturdy as well, with 12,808 square feet of absorption during the third quarter. The overall vacancy rate and average asking rents remained relatively steady compared to the prior quarter: 16.7% and $27.09/SF.

Washington Metropolitan Area Office Market

Average Asking Rent (Price/SF)         $37.87
Vacancy Rate (%)           16.3%
Net Absorption (SF)       677,304

The Washington area's office market experienced strong demand during the third quarter of 2017 compared with recent years of performance, as a net 677,304 square feet was absorbed by the region. This performance, bolstered by Northern Virginia's outsized contribution, stands in contrast to the second quarter's net absorption of negative 390,872 square feet. The region's year-to-date absorption total now stands at 1.0 million square feet, led by Northern Virginia with 634,636 square feet of net absorption. Demand for Class A space was positive across all three sub-state areas, as the region registered 483,312 square feet of Class A absorption during the quarter, bringing year-to-date Class A absorption to 2.1 million square feet. Tenant preference for new, quality space is evident.

Suburban Maryland Office Market Report
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Washington Metropolitan Area Office Market Report
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Washington Metropolitan Area Multihousing Market Report
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Scale of Disruption - The Sharing Economy's Effect On U.S. Commercial Real Estate
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Political Control - Who Runs Washington and the Impact On Office Space Demand
July 2016
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The Impact of Office Space on Employee Productivity
February 2016
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