2023 Office Space Rent & Sales
- $31.38 2023 Avg. Asking Rent
- 1.06% Y-o-Y Avg. Asking Rent Change
- 13.27% 2023 Office Vacancy Rate
Silver Spring office price per square foot in 2023 was $31.38 on average. This marked a +1.06% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.27% across all asset classes combined.
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
- Silver Spring Class A & A+ Office Space$33.38
- Silver Spring Class B Office Space$25.56
- Silver Spring Class C Office Space$25.81
- Maryland Class A & A+ Office Space$32.58
- Maryland Class B Office Space$26.35
- Maryland Class C Office Space$29.18
Silver Spring, MD Office Asking Rents by Class
Average office rent in Silver Spring rested at $31.38 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 Silver Spring averaged $33.38 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.56 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $25.81 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 Silver Spring
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Silver Spring CBD | $33.33 | 12.84% |
| South Rockville | $30.45 | 13.34% |
| Silver Spring | $25.01 | 11.85% |
Office Spaces for Rent in Maryland
- Washington Office Space
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Coworking Spaces in Maryland
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2023 Office Construction in Silver Spring, MD
| Office building | Address | SF | Completed |
|---|---|---|---|
| Downtown Silver Spring - 8515 Georgia Avenue | 8515 Georgia Avenue, 20910 | 248,000 | 2004 |
| Inventa Towers | 1 Discovery Place, 20910 | 545,429 | 2003 |
| WesTech Business Park - Garrett III | 11900 Bournefield Way, 20904 | 63,803 | 1990 |
| WesTech Business Park - Garrett II | 11921 Bournefield Way, 20904 | 46,179 | 1989 |
| WesTech Business Park - Talbot | 12120 Plum Orchard Drive, 20904 | 38,132 | 1989 |
| 1300 Spring Street | 1300 Spring Street, 20910 | 97,706 | 1988 |
| 12210 Plum Orchard Drive | 12210 Plum Orchard Drive, 20904 | 66,000 | 1988 |
| Silver Spring Centre | 8455 Colesville Road, 20910 | 223,665 | 1987 |
| Atrium @ Station Square | 1010 Wayne Avenue, 20910 | 192,114 | 1987 |
| WesTech Business Park - Meadows III | 12501 Prosperity Drive, 20904 | 73,065 | 1987 |
Worth noting among recent office completions on the Silver Spring market is Downtown Silver Spring - 8515 Georgia Avenue, which is currently the largest new office development in the city, at 248,000 square feet.
See reports for other markets
- Baltimore Office Rent Price
- Rockville Office Rent Price
- Columbia Office Rent Price
- Annapolis Office Rent Price
- Bethesda Office Rent Price
- Gaithersburg Office Rent Price
- Towson Office Rent Price
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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 Silver Spring 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.