2020 Office Space Rent & Sales
- $30.70 2020 Avg. Asking Rent
- -0.57% Y-o-Y Avg. Asking Rent Change
- 13.70% 2020 Office Vacancy Rate
Silver Spring office price per square foot in 2020 was $30.70 on average. This marked a -0.57% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.70% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Silver Spring Class A Office Space$33.55
- Silver Spring Class B Office Space$26.43
- Silver Spring Class C Office Space$28.01
- Maryland Class A Office Space$32.41
- Maryland Class B Office Space$25.12
- Maryland Class C Office Space$19.46
Silver Spring, MD Office Asking Rents by Class
Average office rent in Silver Spring rested at $30.70 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 Silver Spring averaged $33.55 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.43 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $28.01 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 Silver Spring
|Submarket||Asking Rents||Vacancy Rates|
|Silver Spring CBD||$31.73||14.25%|
2020 Office Construction in Silver Spring, MD
- Silver Spring, MD Total Sqft completed in 2020 169,000
During 2020, 169,000 square feet of new office space were delivered across the market. At the close of 2020, the Silver Spring office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 169,000 square feet of office space.
|The Medical Pavilion at White Oak - 11886 Healing Way||11886 Healing Way, 20904||169,000||2020|
|United Therapeutics Unisphere||1000 Spring Street, 20910||121,724||2018|
|Loudoun Station - 43777 Central Station Drive||43777 Central Station Drive, 20147||110,761||2014|
|United Therapeutics Silver Spring Campus - 1110 Spring Street||1110 Spring Street, 20910||50,000||2012|
|10001 New Hampshire Avenue||10001 New Hampshire Avenue, 20903||55,862||2009|
|Pershing Court||804 Pershing Avenue, 20910||34,000||2007|
|United Therapeutics Silver Spring Campus - 1040 Spring Street||1040 Spring Street, 20910||91,933||2006|
|Gunston Commerce Center - Building 8||10440 Furnace Road, 22079||74,000||2006|
|Gunston Commerce Center - Building 6||10430 Furnace Road, 22079||74,000||2006|
|Downtown Silver Spring - 8515 Georgia Avenue||8515 Georgia Avenue, 20910||248,000||2004|
Worth noting among recent office completions on the Silver Spring market is The Medical Pavilion at White Oak - 11886 Healing Way, which is currently the largest new office development in the city, at 169,000 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 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.