2024 Office Space Rent & Sales
- $35.95 2024 Avg. Asking Rent
- 18.45% 2024 Office Vacancy Rate
- $33.1M2024 Total Office Sales
- $63.54Avg. Sale Price/SF
Rockville office price per square foot in 2024 was $35.95 on average. The local office market recorded an average vacancy rate of 18.45% across all asset classes combined. The 5 transactions that closed here throughout 2024 amounted to a total sale volume of $33.1M. Rockville office space commanded an average sale price per square foot of $63.54.
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
- Rockville Class A & A+ Office Space$40.60
- Rockville Class B Office Space$30.91
- Rockville Class C Office Space$25.94
- Maryland Class A & A+ Office Space$33.92
- Maryland Class B Office Space$27.36
- Maryland Class C Office Space$20.52
Rockville, MD Office Asking Rents by Class
Average office rent in Rockville rested at $35.95 per square foot in 2024. 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 Rockville averaged $40.60 per square foot. Across all submarkets, class B office space recorded an average asking rent of $30.91 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $25.94 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2024 were: $33.92 per square foot for class A office space; $27.36 per square foot for class B office space; $20.52 per square foot for class C office space.
2024 Office Vacancy Rates in Rockville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
North Rockville | $38.67 | 16.46% |
South Rockville | $33.39 | 18.72% |
Rockville Office Sale Price per SF
- $63.542024 Avg. Price per SF
- $33.1M2024 Office Sales Volume
- 52024 Number of Transactions
Rockville, MD Sale Price per SF Trend
- Rockville Avg. Sale Price per SF in 2024$63.54
- Maryland Avg. Sale Price per SF in 2024$92.12
2024 Office Sales Volume
- Rockville, MD Total Office Sales Volume in 2024 $33.1M
- Rockville, MD Total Number of Office Sales Closed in 2024 5
Coworking Spaces in Maryland
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2024 Office Construction in Rockville, MD
- Rockville, MD Total SF completed in 2024 454,044
During 2024, 454,044 square feet of new office space were delivered across the market. At the close of 2024, the Rockville office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 454,044 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Pike & Rose - 915 Meeting Street | 915 Meeting Street, 20852 | 275,700 | 2023 |
Pike & Rose - 909 Rose Avenue | 909 Rose Avenue, 20852 | 212,000 | 2020 |
Fallsgrove Plaza | 14995 Shady Grove Road, 20850 | 110,000 | 2014 |
Redland Corporate Center III | 530 Gaither Road, 20850 | 208,344 | 2009 |
2000 Tower Oaks Blvd | 2000 Tower Oaks Blvd, 20852 | 200,405 | 2008 |
The District at King Farm - District IV | 805 King Farm Blvd, 20850 | 224,258 | 2007 |
77 Upper Rock | 77 Upper Rock Cir, 20850 | 232,282 | 2004 |
John Hopkins Montgomery County Campus | 9603 Medical Center Dr, 20850 | 96,542 | 2004 |
Woodglen 1 | 11333 Woodglen Drive, 20852 | 66,000 | 2004 |
10107 Darnestown Rd | 10107 Darnestown Rd, 20850 | 7,395 | 2003 |
Worth noting among recent office completions on the Rockville market is Pike & Rose - 915 Meeting Street, which is currently the largest new office development in the city, at 275,700 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 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 Rockville 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.