Silver Spring Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $28.25 2024 Avg. Asking Rent
  • 19.90% 2024 Office Vacancy Rate
  • $35.3M2024 Total Office Sales
  • $222.03Avg. Sale Price/SF

Silver Spring office price per square foot in 2024 was $28.25 on average. The local office market recorded an average vacancy rate of 19.90% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $35.3M. Silver Spring office space commanded an average sale price per square foot of $222.03.

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

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

Silver Spring, MD Office Asking Rents by Class

2024 Office Vacancy Rates in Silver Spring

Submarket Asking Rents Vacancy Rates
South Rockville $33.39 18.72%
Silver Spring CBD $30.29 20.76%
Silver Spring $25.40 15.11%
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 Silver Spring market was 19.90% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Silver Spring was 15.11% in the Silver Spring submarket, while the highest office vacancy in the market was 20.76%, recorded in Silver Spring CBD.

Office Spaces for Rent in Maryland

Silver Spring Office Sale Price per SF

  • $222.032024 Avg. Price per SF
  • $35.3M2024 Office Sales Volume
  • 32024 Number of Transactions

Silver Spring, MD Sale Price per SF Trend

  • Silver Spring Avg. Sale Price per SF in 2024$222.03
  • Maryland Avg. Sale Price per SF in 2024$92.12
The sale price for office space in Silver Spring averaged $222.03 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

  • Silver Spring, MD Total Office Sales Volume in 2024 $35.3M
  • Silver Spring, MD Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Silver Spring office market in 2024, adding up to a yearly sales volume of $35.3M. Notably, the largest transaction on the market saw WesTech Business Park - Allegany change hands for $17,128,860 on 7/1/2024.
Data provided by Commercial Edge

Coworking Spaces in Maryland

2024 Office Construction in Silver Spring, MD

Largest Office Properties Recently Completed in Silver Spring
Office building Address SF Completed
Downtown Silver Spring - 8515 Georgia Avenue 8515 Georgia Avenue, 20910 248,000 2004
Inventa Towers 1 Discovery Place, 20910 545,429 2003
WesTech Business Park - Garrett III 11900 Bournefield Way, 20904 63,803 1990
WesTech Business Park - Garrett II 11921 Bournefield Way, 20904 46,179 1989
WesTech Business Park - Talbot 12120 Plum Orchard Drive, 20904 38,132 1989
1300 Spring Street 1300 Spring Street, 20910 97,706 1988
12210 Plum Orchard Drive 12210 Plum Orchard Drive, 20904 66,000 1988
Silver Spring Centre 8455 Colesville Road, 20910 223,665 1987
Atrium @ Station Square 1010 Wayne Avenue, 20910 192,114 1987
WesTech Business Park - Meadows III 12501 Prosperity Drive, 20904 73,065 1987

Worth noting among recent office completions on the Silver Spring market is Downtown Silver Spring - 8515 Georgia Avenue, which is currently the largest new office development in the city, at 248,000 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 Silver Spring 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.