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Availability tightens, and rents respond to the increase in quality space
Availability fell in Q3, ending the quarter at 19.3%, down 220 basis points year over year, and 90 basis points for the quarter. With a decrease in availability, and new product coming to Montgomery County, it has caused asking rents to tick up 5.1% year over year, closing at $28.91 per square foot (psf) for all classes. There is a ten dollar spread between overall asking rents in Montgomery County at $31.17 psf compared to Prince George’s County at $21.62 psf. Class A rents across the market saw a similar 5.2% year over year rise to $30.12 psf. Even as rents face upward pressure, availability remains abundant in this tenant favorable market and concessions are generous.