Suburban Maryland Office Market
Suburban Maryland saw positive activity during Q3 2025, with 115,000 SF of positive net absorption, with the market currently seeing its first year of notable positive net absorption since 2019. Overall vacancy ended the quarter at 20.1%, tightening 20 bps quarter-over-quarter, however flat year-over-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 has continued so far in 2025. Asking rents have decreased 2.2% year-to-date, ending Q3 2025 at $31.19 PSF.
Download Suburban Maryland Office Market Report 3Q25