2023 Office Space Rent & Sales
- $26.27 2023 Avg. Asking Rent
- 1.56% Y-o-Y Avg. Asking Rent Change
- 19.77% 2023 Office Vacancy Rate
- $26.8M2023 Total Office Sales
- $115.90Avg. Sale Price/SF
Gaithersburg office price per square foot in 2023 was $26.27 on average. This marked a +1.56% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.77% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $26.8M. Gaithersburg office space commanded an average sale price per square foot of $115.90.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Gaithersburg Class A & A+ Office Space$33.37
- Gaithersburg Class B Office Space$24.41
- Maryland Class A & A+ Office Space$32.58
- Maryland Class B Office Space$26.35
- Maryland Class C Office Space$29.18
Gaithersburg, MD Office Asking Rents by Class
2023 Office Vacancy Rates in Gaithersburg
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
North Rockville | $38.07 | 12.58% |
Gaithersburg | $25.24 | 20.68% |
Gaithersburg Office Sale Price per SF
- $115.902023 Avg. Price per SF
- -7.62%Y-o-Y Avg. PpSF Change
- $26.8M2023 Office Sales Volume
- 42023 Number of Transactions
Gaithersburg, MD Sale Price per SF Trend
- Gaithersburg Avg. Sale Price per SF in 2023$115.90
- Maryland Avg. Sale Price per SF in 2023$129.83
2023 Office Sales Volume
- Gaithersburg, MD Total Office Sales Volume in 2023 $26.8M
- Gaithersburg, MD Total Number of Office Sales Closed in 2023 4
Coworking Spaces in Maryland
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2023 Office Construction in Gaithersburg, MD
- Gaithersburg, MD Total SF completed in 2023 135,000
During 2023, 135,000 square feet of new office space were delivered across the market. At the close of 2023, the Gaithersburg office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 135,000 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Lakefront at Washingtonian | 9841 Washingtonian Blvd, 20878 | 103,360 | 2006 |
12 South Summit Avenue | 12 South Summit Avenue, 20877 | 105,000 | 2000 |
12 South Summit Avenue | 12 South Summit Avenue, 20877 | 56,000 | 2000 |
Gateway Center | 831 Russell Avenue, 20879 | 44,411 | 1997 |
Kentlands II & Kentlands Place | 209 Kentlands Blvd, 20878 | 280,562 | 1995 |
10810 Darnestown Rd #102 | 10810 Darnestown Rd #102, 20878 | 1,200 | 1990 |
Russell Office Park | 911 Russell Avenue, 20879 | 46,636 | 1988 |
Flower Hill Professional Center | 18213 Flower Hill Way, 20879 | 76,000 | 1987 |
Quince Tree Executive Center - 814 West Diamond Avenue | 814 West Diamond Avenue, 20878 | 35,000 | 1987 |
Comprint Professional Center | 16001 Comprint Circle, 20877 | 34,903 | 1986 |
Worth noting among recent office completions on the Gaithersburg market is Lakefront at Washingtonian, which is currently the largest new office development in the city, at 103,360 square feet.
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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 Gaithersburg 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.