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JLL tells Rockville council office vacancy at 31% as life‑science conversions reshape local market
Summary
Jones Lang LaSalle (JLL) presented a commercial market overview on Feb. 10 showing about 31% office vacancy in Rockville municipality, ongoing rightsizing by tenants, a flight to higher‑quality (Class A/trophy) space, and examples of distressed office assets slated for conversion or demolition.
Consultants from Jones Lang LaSalle (JLL) told the Rockville City Council on Feb. 10 that the city’s office market is undergoing a correction driven by tenant rightsizing, life‑science conversions and several recent deliveries.
“Tenant demand has returned to pre‑pandemic levels, but tenants are taking less space,” Michael Hartnett, JLL research lead for the Mid‑Atlantic, said, summarizing a national trend that the firm also sees regionally. Tommy Lanaway, JLL suburban Maryland research analyst, said the flight to quality — tenants migrating to newer Class A and trophy space — is producing bifurcated market results: higher rents and lower vacancy at the top of the market while older stock faces elevated vacancy.
JLL presented municipal figures for Rockville that show about 70 office assets totaling roughly 8.5 million square…
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