Silver Spring is an unincorporated community located within the Capital Beltway in Montgomery County, Maryland. The area recently underwent a modernization, with major developments in retail, residential, and office space. The neighborhood is the home of media and biotech companies, and federal agencies such as Urban One, CuriosityStream, United Therapeutics, American Nurses Association, Global Communities, and the National Oceanic and Atmospheric Association.
Several media outlets such as the Washington Post, the Washington Times, the Montgomery Sentinel, and the Washington Hispanic have offices or produce coverage in Silver Springs. One of the most notable media organization with a headquarters in the area is Discovery Inc. The proximity of Silver Spring to central D.C. makes this area great for growing media organizations, non-profits, start-ups, and biotech firms.
The neighborhood has a history as the home of huge retail chains, but with the growing popularity of the small business movement, it has become a hub for entrepreneurs and international eats.
Silver Spring Office Space│Lease Data & Trends
Silver Spring has more than four million square feet of commercial real estate inventory, with a vacancy rate hovering around 15%. There is no renovation happening in commercial real estate at the moment; however, Silver Spring properties tend to be a bit easier to modify considering they are more modern than the surrounding real estate of Chevy Chase.
Class A office space is renting for just over $31 per square foot, while Class B space features average asking rents of slightly below $30 per square foot. Media companies, non-profits, biotech companies, and government agencies looking to save on rental costs without committing to a horrible morning commute find great opportunity in Silver Spring.
There are over 2.5 million square feet of Class A inventory, and just over 1 million square feet of Class B space, with additional Class C commercial real estate available for rent. Within D.C., and particularly in submarkets, commercial tenants have shown substantial growth. The growth of the Tech Industry is proving to expand the commercial limits of the big city, harvest great talent from top D.C. universities, and expand upon the definition of the American Dream.
What Our Brokers Say About Silver Spring Office Space for Rent
Silver Spring may be an employee’s dream. There are tons of Arts and Culture events, and a mix of great restaurants that can satisfy all taste buds, and the downtown area is compact and entirely accessible by foot.
There are quite a few media companies, notably Discovery Inc. and Vox Media, that have found a home in Silver Springs. The office space is welcoming for almost any type of company as the buildings are relatively modern and can accommodate any Small to Medium organization.
The proximity to Arlington and Alexandria, VA make this neighborhood a potential gem in the growing tech startup scene as many companies have found less expensive office space in these D.C. suburbs. Universities, such as the American University and GW, have highly educated graduates entering the workforce.
Getting Around Silver Spring, MD
This neighborhood’s WalkScore is coming in at 60, with a transit score of 64, and a bike score of 56. By car, the commute into central Washington D.C. takes about 30 minutes. The area is serviced by the Red Line Metrorail, the Brunswick Line of the MARC Train, Metrobus, and Ride On.
Getting around Silver Spring is usually done by foot, but there are several bus lines that run within the neighborhood as well. It is a walkable, compact neighborhood. The Purple Line also connect Silver Spring to Bethesda and the University of Maryland on the west.
Additional to local services, Peter Pan and Greyhound Bus services run through the Paul S. Sarbanes Transit center that commenced construction in October 2008 and was completed in September 2015 (about four years behind schedule and $50 million over budget).
Silver Spring Neighborhood & History
Francis Preston Blair discovered the mica-flecked spring that inspired the neighborhood’s name (in 1840 he helped organize the American Republican Party with his daughter, Elizabeth). The spring is now dry, but it is still visible in Acorn Park. Blair built a 20 mansion house in 1854 that he dubbed Silver Spring, and his son Montgomery Blair later built the Falkland house. The family had clear ties to Abraham Lincoln, Dred Scott, and Robert E. Lee. By the end of the 19th century, a post office united the smaller neighborhoods in the area. In the 20th century, the Lee Development Company built Dale Drive to provide vehicular access to much of the family’s substantial real estate holdings. The was the beginning of the Metropolitan Development that inspired parks, trolley services, and eventually Maryland Route 97.
In the 1950s, Silver Spring was the 2nd biggest retail market between Baltimore and Richmond. Among the most popular retailers are the Hecht Company, J.C.Penney, and Sears. The Beltway, called the “ road of opportunity” by then-Governor J. Millar Tawes, opened to traffic on August 17, 1964. By the 1990s Big Retail was booming, with names like Macy’s, Nordstroms, and Marshalls sweeping the mega-mall complex called the American Dream.
Today, Silver Spring is still home to the world’s biggest retail chains, but it also has a significant number of family-owned ethnic eateries that showcase the area’s diversity, and the small business movement is in full swing here. This neighborhood has a plethora of fusion restaurants, including Ethiopian, Burmese, Thai, Greek, Jamaican, Vietnamese and more. Downtown Silver Springs hosts several music, film, and ethnic festivals throughout the year. The most popular is the Silverdocs, or AFI Docs, film festival sponsored by Discovery Inc. and the American Film Institute. Other performances that are sure not to disappoint include the Silver Spring Jazz Festival and the Montgomery County Thanksgiving Day Parade.