Suburban Maryland Office Market
Suburban Maryland saw positive activity during the fourth quarter of 2025, with 11,662 SF of positive net absorption, leading to 66,707 SF of positive annual absorption, the market‘s first year of notable positive net absorption since 2019. Overall vacancy ended 2025 at 20.4%, up 10 basis points quarter-over-quarter, but down 20 basis points over the year. After a building boom from 2017-2022, 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 continued through 2025. Asking rents have decreased 1.6% year-over-year, ending 2025 at $31.15/SF.
Download Suburban Maryland Office Market Report 4Q25