Suburban Maryland office market report

Q2 2024

The Suburban Maryland market has displayed consistent trends over the past few quarters, marked by a continuous increase in availability. Despite an improvement in the total vacancy rate since Q1 2024, it has seen a notable increase of 160 basis points compared to the same period last year. Additionally, the net absorption rate has improved from -1.2% in Q1 2024 to 0.1% 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.

484,500 sf

Development pipeline

There remains to be 484,500sf in the development pipeline which is unchanged from last quarter but a decrease of 299,362 from Q2 2023.

+0.96 %

Average SF rent

Average FS rents have increased by $0.31 from last quarter which is a 0.96% increase from $32.38.

-10 bps

Sublet activity

In the Suburban Maryland office market sublet availability has settled to 1.9% from last quarters 2.0% sublet availability.

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