2020 Office Space Rent & Sales
- $22.38 2020 Avg. Asking Rent
- 3.03 % Y-o-Y Avg. Asking Rent Change
- 15.44 % 2020 Office Vacancy Rate
Hanover office price per square foot in 2020 was $22.38 on average. This marked a +3.03 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.44 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Hanover Class A Office Space$31.62
- Hanover Class B Office Space$23.01
- Hanover Class C Office Space$19.64
- Maryland Class A Office Space$32.41
- Maryland Class B Office Space$25.12
- Maryland Class C Office Space$19.46
Hanover, MD Office Asking Rents by Class
Average office rent in Hanover rested at $22.38 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 Hanover averaged $31.62 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.01 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.64 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 Construction in Hanover, MD
- Hanover, MD Total Sqft completed in 2020
- Hanover, MD Total Sqft under construction in 2021 225,000
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Hanover office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 225,000 square feet of office space to the market, before year-end.
|Arundel Preserve - 7880 Milestone Pkwy||7880 Milestone Pkwy, 21076||116,500||2015|
|Station Ridge - 7031 Ridge Road||7031 Ridge Road, 21076||87,830||2013|
|The Corporate Center at Arundel Preserve - Phase I||7740 Milestone Pkwy, 21076||153,000||2009|
|Station Ridge - 7035 Ridge Road||7035 Ridge Road, 21076||88,405||2009|
|Station Ridge - 7037 Ridge Road||7037 Ridge Road, 21076||87,830||2009|
|Hillside Business Park - 7030 Dorsey Road||7030 Dorsey Road, 21076||63,000||2008|
|7010 Hi Tech Drive||7010 Hi Tech Drive, 21076||40,000||2008|
|Parkway Corporate Center||7229 Parkway Drive, 21076||98,000||2007|
|Commons Corporate Center - 1362 Mellon Road||1362 Mellon Road, 21076||44,134||2007|
|Parkway 100||7231 Parkway Drive, 21076||224,000||2002|
Worth noting among recent office completions on the Hanover market is Arundel Preserve - 7880 Milestone Pkwy, which is currently the largest new office development in the city, at 116,500 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 Hanover 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.