2020 Office Space Rent & Sales
- $27.61 2020 Avg. Asking Rent
- 10.31% 2020 Office Vacancy Rate
- $61.1M2020 Total Office Sales
- $126.69Avg. Sale Price/SF
Columbia office price per square foot in 2020 was $27.61 on average. The local office market recorded an average vacancy rate of 10.31% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $61.1M. Columbia office space commanded an average sale price per square foot of $126.69.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Columbia Class A Office Space$31.88
- Columbia Class B Office Space$23.93
- Columbia Class C Office Space$24.77
- Maryland Class A Office Space$32.41
- Maryland Class B Office Space$25.12
- Maryland Class C Office Space$19.46
Columbia, MD Office Asking Rents by Class
Average office rent in Columbia rested at $27.61 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Columbia averaged $31.88 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.93 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.77 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2020 were: $32.41 per square foot for class A office space; $25.12 per square foot for class B office space; $19.46 per square foot for class C office space.
2020 Office Vacancy Rates in Columbia
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Columbia | $27.80 | 10.97% |
Laurel | $18.63 | 5.64% |
Columbia Office Sale Price per SF
- $126.692020 Avg. Price per SF
- -21.95%Y-o-Y Avg. PpSF Change
- $61.1M2020 Office Sales Volume
- 42020 Number of Transactions
Columbia, MD Sale Price per SF Trend
- Columbia Avg. Sale Price per SF in 2020$126.69
- Maryland Avg. Sale Price per SF in 2020$184.49
2020 Office Sales Volume
- Columbia, MD Total Office Sales Volume in 2020 $61.1M
- Columbia, MD Total Number of Office Sales Closed in 2020 4
Largest Columbia Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
Old Dobbin Lane at Columbia Crossing | 6200 Old Dobbin Lane | 9/8/2020 | $30,600,000 |
Woodmere I & II | 9881 Broken Land Pkwy | 6/15/2020 | $16,900,000 |
10330 Old Columbia Road | 10330 Old Columbia Road | 3/13/2020 | $7,400,000 |
Quarry Tech Building | 9175 Guilford Road | 12/4/2020 | $6,155,000 |
2020 Office Construction in Columbia, MD
- Columbia, MD Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Columbia office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
6100 Merriweather Drive | 6100 Merriweather Drive, 21044 | 325,560 | 2019 |
One Merriweather | 10980 Grantchester Way, 21044 | 200,000 | 2017 |
Little Patuxent Square | 10175 Little Patuxent Pkwy, 21044 | 168,000 | 2017 |
10960 Grantchester Way | 10960 Grantchester Way, 21044 | 122,989 | 2017 |
Waterloo Crossing | 5900 Waterloo Road, 21045 | 66,000 | 2015 |
7001 Columbia Gateway Dr | 7001 Columbia Gateway Dr, 21046 | 120,000 | 2008 |
9256 Bendix Rd | 9256 Bendix Rd, 21045 | 70,427 | 2008 |
9256 Bendix Rd | 9256 Bendix Rd, 21045 | 70,427 | 2008 |
7021 Columbia Gateway Drive | 7021 Columbia Gateway Drive, 21046 | 106,212 | 2007 |
6811 Benjamin Franklin Dr | 6811 Benjamin Franklin Dr, 21046 | 56,700 | 2007 |
Worth noting among recent office completions on the Columbia market is 6100 Merriweather Drive, which is currently the largest new office development in the city, at 325,560 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.