2016 is poised to be a great year for the office market, thanks to an increase in office investment sales in suburban Maryland. We are already seeing major growth in the number of sales and the total square footage being sold throughout Prince George’s, Montgomery, Howard, and Anne Arundel counties.
By the end of June 2015, the suburban Maryland* market saw 43 buildings sold, with a total of 2,856,583 square feet – the equivalent of nearly 6 football fields – according to data NAI Michael has gathered from the CoStar Group**. This year so far, CoStar reports the sale of 53 buildings and a total of 4,227,305 square feet. In other words, the first half of 2016 has seen a 19 percent increase in the number of buildings sold and a 32 percent increase in total square footage sold.