Suburban Maryland office market reports

Q4 2022

Suburban Maryland’s 2022 office performance is showing signs of slowing tenant activity as landlords explore the potential of converting older, commodity office buildings to residential and lab on a go-forward basis rather than find a large office tenant to backfill the space. Tenants often are electing to downsize their office space, leading to increased vacancy rates, and higher availability. Lab conversions are top of mind for investors, however, the process to convert an office to lab use is trickier than meets the eye with regard to infrastructure requirements. Moreover, rising construction costs will make it even more difficult for owners with an existing high basis to convert their property. A rising interest rate environment will be challenging for VC-backed entities, largely in the life sciences space, a sector crucial to growth in Suburban Maryland.

Office visitor volume

Measured using Avison Young’s Vitality Index, Suburban Maryland has seen a 32.8% return-to-office as of December 19, 2022, relative to the week before lockdown (March 15, 2020). Suburban Maryland trails behind Northern Virginia and Washington, DC in terms of utilizations of office properties. This is measured using extrapolated cell phone pings that can in turn be used as a proxy for foot traffic.

Vacancy rate

Suburban Maryland’s vacancy rate has continued to tick upwards as direct vacancies have reached 16.9%, the highest since 2014 at 14.5%. The life science industry in the Suburban Maryland market is one of the largest industries in this market and continue to pivot from commodity assets in order to take advantage of federal-grant spending.
312 ksf


Absorption had reached positive numbers this quarter, as it was able to offset the numerous previous quarters of negative absorption and cut the move out of square feet in half, with the year end absorption being -333 ksf. As companies persist on right sizing, the occupancy losses for the year will amount to 1.4% of inventory.

Your source for the latest Suburban Maryland office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Washington, DC Metro area. Avison Young advisors look at Suburban Maryland commercial real estate activities and the latest Suburban Maryland statistics to provide you expert market research on Suburban Maryland's office properties.

Explore different topics like the latest office market pricing trends and analysis of Suburban Maryland's current office real estate market conditions. Gain a better understanding of Suburban Maryland’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Suburban Maryland's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Suburban Maryland.

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