Approximately 30 minutes north of Downtown D.C. lies the Montgomery County suburb of Silver Spring. Silver Spring includes many smaller neighborhoods like Woodside Park, Montgomery Knolls, Franklin Knolls, Indian Spring Terrace, and Oakview, but the primary business hub is located in Downtown Silver Spring at the southernmost part of the district. The intersection of Colesville Road and Georgia Avenue defines Downtown Silver Spring’s approximate center.
The suburb maintains a preference for small, locally-owned businesses over national chains and big-box stores, giving the area a small-town vibe. Searching for all the benefits of working near D.C. without paying D.C. prices? Take a look at office space in Silver Spring. With office space available at nearly half the rent of many D.C. districts, Silver Spring attracts many commercial tenants looking to rent large suites or entire floors without going too far outside the D.C. metro area.
Silver Spring Office Space | Lease Data & Trends
Silver Spring has more than four million square feet of inventory, with nearly 60% made up of Class A office space. An additional 1.6 million square feet is spread throughout North Silver Spring.
Businesses pay an average of $29.50 per square foot for office space in Silver Spring, which matches the Suburban Maryland average but is quite a bargain compared to the average Washington, D.C. office space rent of around $60 per square foot. Property becomes less expensive further north from Downtown Silver Spring.
Class B office space in Silver Spring has a vacancy rate approximately two-times higher than either Class A or Class C properties, and rents for an average of $29 per square foot.
What Our Brokers Say About Silver Spring Office Space
Although Discovery Communications is scaling down its Downtown Silver Spring footprint before its eventual departure for NYC in the second half of 2019, the presence of the media giant’s headquarters has attracted other media companies to the area over the last 15 years, including Radio One, TV One, and RLJ Entertainment. Federal agencies like the National Oceanic and Atmospheric Administration and the FDA have headquarters in the area, as does biotechnology company United Therapeutics.
Getting Around Silver Spring
Commuting by car is common in Silver Spring. The downtown area is located within the Capital Beltway, and drivers from around Silver Spring can access the Beltway from Georgia Avenue, Colesville Road, and New Hampshire Avenue. The Intercounty Connector was completed in 2014 and connects Silver Spring and Montgomery County to the northern suburb Prince George’s County. With more than 11,000 parking spaces in Downtown Silver Spring alone, parking in the area is more accessible than within the central D.C. submarkets.
The Red Line runs from the Silver Spring Rail Station to Union Station in D.C. The Metrorail station is located next to the Paul S. Sarbanes Transit Center, which is one of the busiest transit centers in the greater D.C. Metro area. Over 30 bus routes, the Red Line, the Montgomery County Ride-On bus service, the VanGo free downtown shuttle, and the MARC Brunswick Line serve more than 60,000 passengers each day.
Silver Spring Neighborhood & History
Downtown Silver Spring is the heart of the neighborhood, with an abundance of shops, highly-rated restaurants, art, and entertainment contributing to the suburb’s dynamic character. Silver Spring hosts many festivals throughout the year which draw large crowds of tourists and locals alike, most notably the Silverdocs film festival, the Thanksgiving Day Parade, and the Silver Spring Jazz Festival.
The diverse population of Silver Spring’s infuses the dining scene with a variety of ethnic flavors. If you’re in Downtown Silver Spring, our team recommends the Wood Grilled Steak Salad at Copper Canyon Grill, the pizzas and farm-fresh salads at Gusto, and any of the authentic offerings from Cubano’s. Further north and east of Downtown, be sure to try the Italian-Ethiopian fusion at Meleket and the Latin-American cuisine of Samantha’s Restaurant.