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Availability remains elevated, Montgomery County sees some tightening
Overall availability in Suburban Maryland increased 70 basis points over the year ending Q1 at 20.8%, and has seen very little change over the past two years as options remain plentiful throughout the market. Class A availability saw a more pronounced increase, ticking up 250 basis points over the year to 23.0%. The market, however, remains bifurcated with Montgomery County seeing a slight drop in availability. Overall availability in Montgomery County declined 70 basis points over the year to 20.0% with new construction options in Bethesda remaining a top tenant choice. New space has also put some upward pressure on asking rents. Overall asking rents increased 3.2% over the year to $27.60 per square foot (psf), while class A rents saw a 2.5% increase year-over-year to $28.74 psf.