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Suburban Maryland

Suburban Maryland Office Market

Average Asking Rent (Price/SF)     $27.61
Vacancy Rate (%)       15.4%
Net Absortion (SF)      -8,815

Suburban Maryland's office market held steady in the third quarter of 2018. The vacancy rate stayed consistent at 15.4%, while net absorption totaled negative 8,815 square feet. Although the vacancy rate remained flat, it was down 120 basis points from one year ago, and at its lowest level since the fourth quarter of 2012. Asking rental rates rose 2.0% over the past year to $27.61/SF.

Washington Metropolitan Area Office Market

Average Asking Rent (Price/SF)        $38.28
Vacancy Rate (%)          16.2%
Net Absorption (SF)     -347,293

Demand in the Washington metro area office market moderated during the third quarter of 2018, with absorption uneven across the sub-state areas. The region registered negative 347,293 square feet of net absorption during the quarter. Positive net absorption of 214,501 square feet in the District of Columbia was negated by negative net absorption of 552,979 square feet in Northern Virginia and 8,815 square feet in Suburban Maryland. Negative demand for the quarter was largely the result of two major Northern Virginia tenants consolidating or relocating outside of the region and does not appear to signify a larger trend of slowing demand. Year-to-date, net absorption for the region is still positive at 2.0 million square feet. At 16.2%, the region's overall vacancy rate rose 10 basis points over the quarter but is 10 basis points lower than one year ago.

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
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The Impact of Office Space on Employee Productivity
February 2016
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