Market Highlights

• Overall vacancy declined 90 basis points year over year to 14.4%, supported by leasing activity and the withdrawal of several large blocks of available space. Direct vacancy fell to 11.9%, while sublease vacancy remained stable at 2.6%.
• Venture capital funding has fallen to historically low levels in 2026, with just $282.6 million raised across 97 deals through Q3, down 35.5% year over year and marking the lowest Q1 through Q3 funding total since 2022.
• The University of Maryland received $17.3 million to establish an AI-enabled biomanufacturing lab at the Institute for Bioscience and Biotechnology Research in Rockville, expanding regional research and workforce training.

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