Q2 2023 Lab Market Overview - I-270 Corridor Suburban Maryland

Market Trends
  • New construction, redevelopment projects, recently delivered spec labs and a lack of leasing activity to backfill these products are contributing to a substantial increase in vacancy. 
  • New subleases are also continuing to hit the market as tenants try shed space. 
  • Despite a significant decrease in demand and rising vacancies, rental rates have barely budged to reflect current market KPIs.