Suburban Maryland

The Suburban Maryland office market, which encompasses Montgomery and Prince George’s Counties, totals approximately 90.2 million square feet of rentable space in 898 office buildings of 25,000 square feet and greater. The market recorded an increase in net absorption in the third quarter of 2021 with 136,992 square feet absorbed, up from the -48,112 square feet absorbed in the previous quarter. Contributing to the positive net absorption was Kennedy Krieger Institute occupying their 40,000-square-foot space at 4600 Powder Mill Road. Direct vacancy decreased to 13.3% in the third quarter 2021, down from 13.5% in the second quarter 2021, and total vacancy decreased to 14.4%, down from 14.5% in the second quarter 2021. The largest lease signed this quarter was ESAB signing a 20,506-square-foot lease at 909 Rose Avenue in the North Bethesda submarket. The year-over-year unemployment rate in Suburban Maryland decreased to 5.5% in August 2021, down significantly from 8.0% in August 2020.

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