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Suburban Maryland

Suburban Maryland Office Market

Average Asking Rent (Price/SF)     $27.69
Vacancy Rate (%)       15.2%
Net Absortion (SF)    -57,783

Suburban Maryland's office demand slowed slightly in the first quarter of 2019 after absorption had ticked up in the fourth quarter of 2018. Net absorption measured negative 57,783 square feet in the first quarter of 2019. The vacancy rate rose 10 basis points to 15.2% during the first quarter. Asking rental rates have remained virtually flat over the past year, declining just slightly from $27.71/SF to $27.69/SF.

Washington Metropolitan Area Office Market

Average Asking Rent (Price/SF)        $38.58
Vacancy Rate (%)          16.1%
Net Absorption (SF)   1,115,886

Office demand in the Washington metro area started the year robustly, with first-quarter absorption in two of the three substate areas topping 500,000 square feet. The region registered 1.1 million square feet of net absorption during the quarter. Positive net absorption of 633,028 square feet in Northern Virginia and 540,641 square feet in the District of Columbia was slightly tempered by negative net absorption of 57,783 square feet in Suburban Maryland. At 16.1%, the region's overall vacancy rate remained even with that of fourth-quarter 2018 but was 40 basis points higher than the vacancy rate recorded one year ago.



Suburban Maryland Office Market Report
1Q19
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Washington Metropolitan Area Office Market Report
1Q19
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