Suburban Maryland office market report

Q3 2024

The Suburban Maryland market has displayed consistent trends over the past few quarters, marked by a continuous increase in availability. Despite negligible change in the total vacancy rate since Q2 2024, there has been a notable increase of 170 basis points compared to the same period last year. Additionally, the net absorption rate has fallen from 0.15% in Q2 2024 to -0.14% this quarter. With the slowdown in the development pipeline and the rise in office conversions, the Suburban Maryland office market's response in the upcoming quarters will be significant.
275,000 sf

Development pipeline

There are 275,000 square feet remaining in the development pipeline, an increase from last quarter but a decrease of 60,962 square feet from Q3 2023. The trend of a shrinking development pipeline in Suburban Maryland continues this quarter, with only one new development breaking ground.
 

-1.19%

Average SF rent

Average FS rents have decreased by $0.39 from last quarter which is a 1.19% decrease from $32.80.

20.5%

Vacancy Rate

Vacancy rates for Suburban Maryland office buildings increased from Q2 2024, with Class A and trophy buildings now seeing higher vacancies than Class B and C properties. This shift may be due to either a less pronounced flight-to-quality trend in the area or the scarcity of trophy buildings amplifying vacancy impacts when they occur.

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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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