Market Trends

• Despite a slight dip in quarterly net absorption, the market has posted 2.0 million square feet (msf) of occupancy gains through the first three quarters of 2025, keeping vacancy stable between 6.6% and 6.8% over the last four quarters.
• The Prince George’s submarket enjoyed an active Q3, as new commitments from Weee! and Harris Company were signed and speculative projects such as Queens Court West – Building 10 and 6401 Foxley Road were completed.
• The construction pipeline, totaling 3.5 msf, consists of about 54.0% build-to-suit product. Given the exposure to such development, near-term net absorption stands to remain positive, while flat to declining vacancy is expected.

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