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Suburban Maryland

Suburban Maryland Office Market

Average Asking Rent (Price/SF)     $27.63
Vacancy Rate (%)       15.3%
Net Absortion (SF)   168,759

Suburban Maryland's office market tightened in the fourth quarter of 2018 after occupancy declined during the third quarter. Net absorption measured 168,759 square feet in the fourth quarter, bringing the 2018 total absorption to 644,734 square feet. The vacancy rate declined 40 basis points to 15.3% during the fourth quarter. Asking rental rates ticked up slightly over the past year from $27.40/SF to $27.63/SF.

Washington Metropolitan Area Office Market

Average Asking Rent (Price/SF)        $38.46
Vacancy Rate (%)          16.1%
Net Absorption (SF)      481,797

Office demand in the Washington metro area also held steady through fourth-quarter 2018, although absorption across the sub-state areas was uneven. The region registered 481,797 square feet of positive net absorption during the quarter. Positive net absorption of 348,582 square feet in Northern Virginia and 168,759 square feet in Suburban Maryland was slightly tempered by negative net absorption of 35,544 square feet in the District of Columbia. For the year, net absorption for the region was positive 2.6 million square feet. At 16.1%, the region's overall vacancy rate declined 10 basis points over the quarter and is 30 basis points lower than the vacancy recorded one year ago.



Suburban Maryland Office Market Report
4Q18
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Washington Metropolitan Area Office Market Report
4Q18
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