With more than 600,000 sq. ft. of net new demand in 2019, the Suburban Maryland office market posted its fifth consecutive year of occupancy gains for a total of 2.5 million sq. ft. during this continuous stretch of growth.
The life sciences, technology and business services sectors were the biggest growth drivers during 2019, posting 244,000, 196,000, and 98,000 sq. ft. of occupancy gains respectively.
Development activity remains robust in the market, with more than 2.6 million sq. ft. of new product in the pipeline. Preleasing in new Trophy developments in Bethesda has been strong, indicative of the pent-up demand for this product type in the market.