Suburban Maryland Office Market
| Average Asking Rent (Price/SF) | $29.64 |
| Vacancy Rate (%) | 16.2% |
| Net Absorption (SF) | -223,617 |
Demand for office space in Suburban Maryland remained soft during third-quarter 2021. Net absorption totaled -223,617 square feet. Leasing activity, while greater than much of the last year, remains relatively quiet, exacerbated by concern over the variants. The overall vacancy rate was 16.2% at the end of the third quarter, an increase of 20 basis points from the previous quarter and an increase of 130 basis points from a year ago. Vacancy will likely continue to increase in the latter part of 2021, as 380,000 square feet is scheduled to deliver in the fourth quarter with 0.0% preleased. The average asking rental rate ended the third quarter at $29.64/SF, an increase of 2.7% from $28.85/SF in the third quarter of 2020.