Columbia Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $26.73 2024 Avg. Asking Rent
  • 3.60% Y-o-Y Avg. Asking Rent Change
  • 17.05% 2024 Office Vacancy Rate
  • $24.7M2024 Total Office Sales
  • $78.58Avg. Sale Price/SF

Columbia office price per square foot in 2024 was $26.73 on average. This marked a +3.60% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.05% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $24.7M. Columbia office space commanded an average sale price per square foot of $78.58.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Columbia Class A & A+ Office Space$30.07
  • Columbia Class B Office Space$24.09
  • Maryland Class A & A+ Office Space$33.92
  • Maryland Class B Office Space$27.36
  • Maryland Class C Office Space$20.52

Columbia, MD Office Asking Rents by Class

2024 Office Vacancy Rates in Columbia

Submarket Asking Rents Vacancy Rates
Columbia $27.25 18.45%
Laurel $21.65 9.81%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Columbia market was 17.05% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Columbia was 9.81% in the Laurel submarket, while the highest office vacancy in the market was 18.45%, recorded in Columbia.

Office Spaces for Rent in Maryland

Columbia Office Sale Price per SF

  • $78.582024 Avg. Price per SF
  • -25.82%Y-o-Y Avg. PpSF Change
  • $24.7M2024 Office Sales Volume
  • 42024 Number of Transactions

Columbia, MD Sale Price per SF Trend

  • Columbia Avg. Sale Price per SF in 2024$78.58
  • Maryland Avg. Sale Price per SF in 2024$92.12
Columbia office space cost in 2024 marked a -25.82% change compared to the previous year. The sale price for office space in Columbia averaged $78.58 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Maryland average office sale price during the same time period was $92.12 per square foot.

2024 Office Sales Volume

  • Columbia, MD Total Office Sales Volume in 2024 $24.7M
  • Columbia, MD Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the Columbia office market in 2024, adding up to a yearly sales volume of $24.7M. Notably, the largest transaction on the market saw Franklin Center change hands for $15,000,000 on 3/21/2024.
Data provided by Commercial Edge

Coworking Spaces in Maryland

2024 Office Construction in Columbia, MD

  • Columbia, MD Total SF completed in 2024 86,000

During 2024, 86,000 square feet of new office space were delivered across the market. At the close of 2024, the Columbia office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 86,000 square feet of office space.

Largest Office Properties Recently Completed in Columbia
Office building Address SF Completed
Lakefront District - 10285 Lakefront 10285 Little Patuxent Pkwy, 21044 86,000 2024
Merriweather Row 6100 Merriweather Dr, 21044 320,964 2019
Little Patuxent Square 10175 Little Patuxent Pkwy, 21044 168,000 2017
Merriweather Row - Two Merriweather 10960 Grantchester Way, 21044 165,000 2017
Two Merriweather 10960 Grantchester Way, 21044 122,989 2017
One Merriweather 10980 Grantchester Way, 21044 210,000 2016
Waterloo Crossing 5900 Waterloo Road, 21045 66,000 2015
Johns Hopkins Columbia II 10710 Charter Drive, 21044 160,190 2009
Gateway Exchange III 6721 Columbia Gateway Dr, 21046 131,451 2009
8894 Stanford Blvd 8894 Stanford Blvd, 21045 43,591 2009

Worth noting among recent office completions on the Columbia market is Lakefront District - 10285 Lakefront, which is currently the largest new office development in the city, at 86,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Columbia commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.