Laurel Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $23.30 2023 Avg. Asking Rent
  • 2.01% 2023 Office Vacancy Rate

Laurel office price per square foot in 2023 was $23.30 on average. The local office market recorded an average vacancy rate of 2.01% across all asset classes combined.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Maryland Class A & A+ Office Space$32.58
  • Maryland Class B Office Space$26.35
  • Maryland Class C Office Space$29.18

Laurel, MD Office Asking Rents by Class

2023 Office Vacancy Rates in Laurel

Submarket Asking Rents Vacancy Rates
Beltsville - Calverton $25.21 16.00%
Laurel $23.30 2.85%
Laurel $23.30 5.91%
Howard County $22.61 12.55%
Lanham - Bowie $19.44 16.86%
Laurel $18.75 2.85%
Laurel $18.75 5.91%
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 Laurel market was 2.01% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Laurel was 2.85% in the Laurel submarket, while the highest office vacancy in the market was 16.86%, recorded in Lanham - Bowie.

Office Spaces for Rent in Maryland

Coworking Spaces in Maryland

2023 Office Construction in Laurel, MD

  • Laurel, MD Total SF completed in 2023 83,742
  • Laurel, MD Total SF under construction in 2024 60,000

During 2023, 83,742 square feet of new office space were delivered across the market. At the close of 2023, the Laurel office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 83,742 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 60,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Laurel
Office building Address SF Completed
7140 Contee Road 7140 Contee Road, 20707 60,000 2024
Maple Lawn Business District - 8115 Maple Lawn Blvd 8115 Maple Lawn Blvd, 20759 130,629 2015
Maple Lawn Business District - 8135 Maple Lawn Blvd 8135 Maple Lawn Blvd, 20759 138,796 2013
Building E 13261 Mid Atlantic Blvd, 20708 50,133 2008
Maple Lawn Business District - 8161 Maple Lawn Blvd 8161 Maple Lawn Blvd, 20759 110,646 2005
14400 Sweitzer Lane 14400 Sweitzer Lane, 20707 120,900 2000
The Medical Arts Building 7350 Van Dusen Road, 20707 71,700 1992
The Medical Arts Building 7350 Van Dusen Road, 20707 71,700 1992
8740 Cherry Ln # 21 8740 Cherry Ln # 21, 20707 1,800 1990
8003-8039 Laurel Lakes Ct 8003-8039 Laurel Lakes Ct, 20707 72,000 1987

Worth noting among recent office completions on the Laurel market is 7140 Contee Road, which is currently the largest new office development in the city, at 60,000 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Laurel 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.