Market Trends
- Vacancy declined slightly in Q3 2026 but remained 20 basis points (bps) higher year over year. Despite the increase in vacancy, asking rents rose 11.7% over the past year.
- Construction activity continues to decline, with just 0.5 million square feet (msf) under construction, approximately one-third of the space underway in Q3 2025.
- Most large transactions in Q3 2026 occurred in Southern Maryland, where more space is available. At 8.8%, Southern Maryland’s vacancy rate is nearly twice that of Northern Virginia (4.9%).