Rockville Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $33.89 2023 Avg. Asking Rent
  • 4.88% Y-o-Y Avg. Asking Rent Change
  • 13.24% 2023 Office Vacancy Rate
  • $61.8M2023 Total Office Sales
  • $143.93Avg. Sale Price/SF

Rockville office price per square foot in 2023 was $33.89 on average. This marked a +4.88% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.24% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $61.8M. Rockville office space commanded an average sale price per square foot of $143.93.

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

  • Rockville Class A & A+ Office Space$37.38
  • Rockville Class B Office Space$29.85
  • Rockville Class C Office Space$21.27
  • Maryland Class A & A+ Office Space$32.58
  • Maryland Class B Office Space$26.35
  • Maryland Class C Office Space$29.18

Rockville, MD Office Asking Rents by Class

Average office rent in Rockville rested at $33.89 per square foot in 2023. 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 $37.38 per square foot. Across all submarkets, class B office space recorded an average asking rent of $29.85 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.27 per square foot, on average. Comparably, statewide Maryland average office rents by class in 2023 were: $32.58 per square foot for class A office space; $26.35 per square foot for class B office space; $29.18 per square foot for class C office space.

2023 Office Vacancy Rates in Rockville

Submarket Asking Rents Vacancy Rates
North Rockville $38.07 12.58%
South Rockville $30.45 13.34%
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 Rockville market was 13.24% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Rockville was 12.58% in the North Rockville submarket, while the highest office vacancy in the market was 13.34%, recorded in South Rockville.

Office Spaces for Rent in Maryland

Rockville Office Sale Price per SF

  • $143.932023 Avg. Price per SF
  • -47.33%Y-o-Y Avg. PpSF Change
  • $61.8M2023 Office Sales Volume
  • 72023 Number of Transactions

Rockville, MD Sale Price per SF Trend

  • Rockville Avg. Sale Price per SF in 2023$143.93
  • Maryland Avg. Sale Price per SF in 2023$129.83
Rockville office space cost in 2023 marked a -47.33% change compared to the previous year. The sale price for office space in Rockville averaged $143.93 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

  • Rockville, MD Total Office Sales Volume in 2023 $61.8M
  • Rockville, MD Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Rockville office market in 2023, adding up to a yearly sales volume of $61.8M. Notably, the largest transaction on the market saw Shady Grove Medical Village II change hands for $25,723,770 on 10/11/2023.
Data provided by Commercial Edge

Coworking Spaces in Maryland

2023 Office Construction in Rockville, MD

  • Rockville, MD Total SF completed in 2023 363,196
  • Rockville, MD Total SF under construction in 2024 486,109

During 2023, 363,196 square feet of new office space were delivered across the market. At the close of 2023, the Rockville office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 363,196 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 486,109 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Rockville
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
Traville Professional Park I & II 10110 Molecular Drive, 20850 90,000 2007
10110 Molecular Drive #314 10110 Molecular Drive, 20850 1,841 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

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.

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 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.