Lanham Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $19.15 2024 Avg. Asking Rent
  • -1.50% Y-o-Y Avg. Asking Rent Change
  • 20.87% 2024 Office Vacancy Rate
  • $90.3M2024 Total Office Sales
  • $127.84Avg. Sale Price/SF

Lanham office price per square foot in 2024 was $19.15 on average. This marked a -1.50% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.87% across all asset classes combined. The 8 transactions that closed here throughout 2024 amounted to a total sale volume of $90.3M. Lanham office space commanded an average sale price per square foot of $127.84.

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

Lanham, MD Office Asking Rents by Class

2024 Office Vacancy Rates in Lanham

Submarket Asking Rents Vacancy Rates
Hyattsville $25.70 14.44%
Greenbelt $21.90 8.54%
Lanham - Bowie $21.01 20.99%
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 Lanham market was 20.87% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lanham was 8.54% in the Greenbelt submarket, while the highest office vacancy in the market was 20.99%, recorded in Lanham - Bowie.

Office Spaces for Rent in Maryland

Lanham Office Sale Price per SF

  • $127.842024 Avg. Price per SF
  • -37.08%Y-o-Y Avg. PpSF Change
  • $90.3M2024 Office Sales Volume
  • 82024 Number of Transactions

Lanham, MD Sale Price per SF Trend

  • Lanham Avg. Sale Price per SF in 2024$127.84
  • Maryland Avg. Sale Price per SF in 2024$92.12
Lanham office space cost in 2024 marked a -37.08% change compared to the previous year. The sale price for office space in Lanham averaged $127.84 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

  • Lanham, MD Total Office Sales Volume in 2024 $90.3M
  • Lanham, MD Total Number of Office Sales Closed in 2024 8
A total of 8 deals closed on the Lanham office market in 2024, adding up to a yearly sales volume of $90.3M. Notably, the largest transaction on the market saw Beco Park at Forbes Center - 4260-4296 Forbes Blvd change hands for $8,887,020 on 6/5/2024.
Data provided by Commercial Edge

Coworking Spaces in Maryland

Largest Office Properties Recently Completed in Lanham
Office building Address SF Completed
Goddard Corporate Park 7515 & 7535 Mission Dr, 20706 114,700 1993
4200 Parliament Place 4200 Parliament Place, 20706 122,000 1989
Beco Park at Forbes Center - 10101-10123 Senate Drive 10101 Senate Drive, 20706 98,341 1983
4600 Forbes Blvd. 4600 Forbes Blvd., 20706 168,243 1973

Worth noting among recent office completions on the Lanham market is Goddard Corporate Park, which is currently the largest new office development in the city, at 114,700 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 Lanham 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.