Gaithersburg Office Rent Price & Sales Report

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.

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

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%
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 Gaithersburg market was 19.77% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Gaithersburg was 12.58% in the North Rockville submarket, while the highest office vacancy in the market was 20.68%, recorded in Gaithersburg.

Office Spaces for Rent in Maryland

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
Gaithersburg office space cost in 2023 marked a -7.62% change compared to the previous year. The sale price for office space in Gaithersburg averaged $115.90 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Maryland average office sale price during the same time period was $129.83 per square foot.

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
A total of 4 deals closed on the Gaithersburg office market in 2023, adding up to a yearly sales volume of $26.8M. Notably, the largest transaction on the market saw 700 Professional Drive change hands for $10,000,000 on 4/20/2023.
Data provided by Commercial Edge

Coworking Spaces in Maryland

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.

Largest Office Properties Recently Completed in Gaithersburg
Office building Address SF Completed
The Summit at Washingtonian 9711 Washingtonian Blvd, 20878 193,533 2009
Lakefront at Washingtonian 9841 Washingtonian Blvd, 20878 103,360 2006
Unique Building Sale Opportunity in the Heart of Kentlands on Main Street 240 Main St, 20878 4,000 2001
12 South Summit Avenue 12 South Summit Avenue, 20877 105,000 2000
Kentlands Market Square 200 Kentlands Blvd, 20878 250,000 1998
Gateway Center 831 Russell Avenue, 20879 44,411 1997
Air Park Business Center 7622 Rickenbacker Drive, 20879 156,500 1990
10810 Darnestown Rd #102 10810 Darnestown Rd #102, 20878 1,200 1990
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

Worth noting among recent office completions on the Gaithersburg market is The Summit at Washingtonian, which is currently the largest new office development in the city, at 193,533 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 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.