Suburban Maryland Office Market
Suburban Maryland saw positive activity during Q2 2025, with 101,233 SF of positive net absorption, giving the market positive first-half absorption for the first time since 2018. Overall vacancy ended the quarter at 20.0%, tightening 20 bps quarter-over-quarter and year-over-year. After a building boom over the past five years, the pace of new construction deliveries has begun to slow. There were only two office deliveries in Suburban Maryland in 2023 and no deliveries in 2024. Furthermore, 1600 Rockville Pike is the only property that remains under construction in the market, totaling 237,000 SF. Asking rents rose through the first three quarters of 2024, before declining to end the year, a trend that has continued through the first half of 2025. Asking rents have decreased, ending Q2 2025 at $31.15 PSF, a decline of 1.3% quarter-over-quarter and 2.3% year-over-year.
Download Suburban Maryland Office Market Report 2Q25