2022 Office Space Rent & Sales
- $32.31 2022 Avg. Asking Rent
- 14.71% 2022 Office Vacancy Rate
- $426.6M2022 Total Office Sales
- $273.29Avg. Sale Price/SF
Rockville office price per square foot in 2022 was $32.31 on average. The local office market recorded an average vacancy rate of 14.71% across all asset classes combined. The 13 transactions that closed here throughout 2022 amounted to a total sale volume of $426.6M. Rockville office space commanded an average sale price per square foot of $273.29.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Rockville Class A & A+ Office Space$36.92
- Rockville Class B Office Space$28.61
- Rockville Class C Office Space$27.34
- Maryland Class A & A+ Office Space$31.43
- Maryland Class B Office Space$26.48
- Maryland Class C Office Space$21.66
Rockville, MD Office Asking Rents by Class
Average office rent in Rockville rested at $32.31 per square foot in 2022. 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 Rockville averaged $36.92 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.61 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.34 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2022 were: $31.43 per square foot for class A office space; $26.48 per square foot for class B office space; $21.66 per square foot for class C office space.
2022 Office Vacancy Rates in Rockville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
North Rockville | $35.47 | 12.93% |
South Rockville | $29.92 | 14.83% |
Rockville Office Sale Price per SF
- $273.292022 Avg. Price per SF
- 18.22%Y-o-Y Avg. PpSF Change
- $426.6M2022 Office Sales Volume
- 132022 Number of Transactions
Rockville, MD Sale Price per SF Trend
- Rockville Avg. Sale Price per SF in 2022$273.29
- Maryland Avg. Sale Price per SF in 2022$190.42
2022 Office Sales Volume
- Rockville, MD Total Office Sales Volume in 2022 $426.6M
- Rockville, MD Total Number of Office Sales Closed in 2022 13
Largest Rockville Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
DANAC Stiles Corporate Campus - Phase I | 9713 Key West Avenue | 6/10/2022 | $148,000,000 |
9601 Blackwell Road | 9601 Blackwell Road | 10/24/2022 | $48,000,000 |
West Gude Office Park - 20, 30 & 50 West Gude Drive | 30 West Gude Drive | 1/14/2022 | $45,000,000 |
1 Preserve Parkway | 1 Preserve Pkwy | 6/15/2022 | $42,000,000 |
Shady Grove Professional Center II | 15005 Shady Grove Road | 8/24/2022 | $25,181,360 |
Coworking Spaces in Maryland
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2022 Office Construction in Rockville, MD
- Rockville, MD Total SF under construction in 2023 347,196
Office building | Address | SF | Completed |
---|---|---|---|
Twinbrook Quarter - 1600 Rockville Pike | 1600 Rockville Pike, 20852 | 227,500 | 2024 |
9808 Medical Center Drive | 9808 Medical Center Drive, 20850 | 97,196 | 2023 |
Fallsgrove Plaza | 14995 Shady Grove Road, 20850 | 110,000 | 2014 |
Redland Corporate Center III | 530 Gaither Road, 20850 | 208,344 | 2009 |
2000 Tower Oaks Blvd | 2000 Tower Oaks Blvd, 20852 | 200,405 | 2008 |
Four Irvington Centre | 805 King Farm Boulevard, 20855 | 220,002 | 2007 |
21 Church Street | 21 Church Street, 20850 | 87,091 | 2007 |
10110 Molecular Drive #314 | 10110 Molecular Drive, 20850 | 1,841 | 2007 |
77 Upper Rock | 77 Upper Rock Cir, 20850 | 232,282 | 2004 |
5635 Fishers Lane | 5635 Fishers Lane, 20852 | 180,407 | 2004 |
Worth noting among recent office completions on the Rockville market is Twinbrook Quarter - 1600 Rockville Pike, which is currently the largest new office development in the city, at 227,500 square feet.
See reports for other markets
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Rockville 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.