Suburban Maryland 2021 Q3 Market Report

TAKEAWAYS

• Availability in Suburban Maryland consecutively climbed every quarter throughout the pandemic until Q3 2021 when overall availability saw a modest decline from 22.0% to 21.7%.
• Available sublease space contributed to the drop in availability as it fell from 1.6 million square feet (msf) on the market to 1.4 msf as some space has been leased and some has been taken off the market with plans to re-occupy it.
• Leasing volume has been below the five-year quarterly average of 0.7 msf for a year and a half and it continued that trend in Q3 with only 0.5 msf leased.
• Market dynamics in Suburban Maryland have been weakened by the pandemic and will remain so until leasing activity improves and rebalances the oversupply of space.

Read the full report