Suburban Maryland

The Suburban Maryland office market, which encompasses Montgomery and Prince George’s Counties, totals approximately 89.1 million square feet of rentable space in 894 office buildings of 25,000 square feet and greater. The market recorded a slight improvement in net absorption in the fourth quarter with -238,763 square feet absorbed, while direct vacancy increased to 14.2% and total vacancy increased to 15.3%. Four buildings sold this quarter, the largest being 4321 Hartwick Road trading for $30,000,000 ($597 psf) in the Greenbelt/ College Park. The largest lease executed this quarter was Novavax signing a 123,000-square-foot lease at 700 Quince Orchard Road in the Gaithersburg / Germantown submarket. Three buildings delivered, totaling 318,540, while one new building broke ground. As of November 2020, the unemployment rate in Suburban Maryland increased to 6.3% YOY, up significantly from 2.6% in November 2019. However, from Nov 2019–Nov 2020 employment in Suburban Maryland saw a net decrease of 45,143 jobs.

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