TAKEAWAYS

• For the fourth straight quarter, availability in Suburban Maryland rose to a new market high ending the year at 22.9%, a 130-basis-point increase from a year ago. Expect availability to remain elevated until a significant portion of the 1.7 million square feet of sublease space currently on the market is leased or pulled off the market
• Overall asking average rental rates continue to stay heightened despite little change from last quarter ending Q4 with a 0.4% increase, finishing the year at $30.54 per square foot
• With economic uncertainty on the horizon and flexible work strategies here to stay, tenant-favorable market conditions will be seen for the foreseeable future

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