Silver Spring Office Vacancy, 2nd Quarter 2007 (Updated)
By Silver Springer • Aug 23rd, 2007 • Category: Business and Economic Development, Real Estate
According to CB Richard Ellis Silver Spring’s office vacancy dipped to 5.27% down .03% from 5.30% in the first quarter of 2007.
The lower vacancy reflects the removal of 24,402 square feet from total inventory between the first quarter and the second quarter of 2007 according to CBRE’s calculations.
There was a negative absorption of 92,083 square feet.
The 5.27% vacancy is still the lowest amongst the primary business hubs in Montgomery County and compares well against similar office markets in the D.C. area.
Silver Spring’s Route 29 corridor achieved an even lower vacancy rate at 3.43%. North Silver Spring has been tight in space for several years now. There was a negative absorption of 15,389 out of a total that’s over 2.7 million rentable square feet. 27,606 is under construction.
The Burtonsville Office Park is a 116,806 square foot complex. The aforementioned 27,606 square feet is fifth addtion to the current four building complex and is expected to deliver in the next several months.
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Silver Spring, MD 5.27%
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North Silver Spring/Route 29 Corridor 3.43%
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Bethesda/Chevy Chase, MD 5.68%
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Ballston, Arlington, Va 5.92%
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Rosslyn, Arlington, Va 7.75%
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Crystal City, Arlington, Va 18.76%
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In your face, Arlington, VA!!!!
Now, is this just the Silver Spring CBD or North Silver Spring/Route 29 as well? I remember you saying the vacancy rate was even lower Up The Pike.
How could I forget the Route 29 corridor! I guess it’s doing so well I’m not even worried about.
Yes, the vacancy rate in the post is just for the Silver Spring CBD. The vacancy for Route 29 is lower. I will update the post.