Post article about fading and emptying suburban office parks in Montgomery County (Baltimore: upper-class, lease)

[Iggier]

Originally Posted by bufflove

Lol, I'm sure you've encouraged Iggier to reconsider his position/attitude. No one would ever take AeroGuyDC agreeing with them as a complement.

Nope. I am not changing my position, regardless of who does or does not agree with it. And, I am female

[Mr Beco]

Originally Posted by phoenixmike11

What dying office parks are doing to Montgomery County - The Washington Post

looks like Montgomery County's fading suburban office parks (along with its lack of interesting suburbs like Alexandria, VA) is damaging the economy in Montgomery County and its appeal to college educated millennials who probably rather be in DC or a more lively suburb than say Gaithersburg or Rockville.

Not pretty....thats for sure. I just heard most every building along I-270 is in play. Just NOT for office.

[Mr Beco]

Originally Posted by DistrictSonic

You do realize that Montgomery County has these two places called Bethesda and Silver Spring right. Both of which are doing very well right now, especially in terms of office vacancy rates.

Vancancy rates are higher in Bethesda because of a lack of contruction over the last 5 years. Both submarkets sport a 9-10% vacancy rate. Yes, I have to repeat, there has been basically no new construction. The office market in MC is dead....

Cranes up in the are are retail or multi family. SS is better now, along with the revitalization of Georgia Ave. But it was Discovery that put them on the map....that said, I'd rather be downtown than in Silver Spring.

[bufflove]

Originally Posted by Barry Rock

Vancancy rates are higher in Bethesda because of a lack of contruction over the last 5 years. Both submarkets sport a 9-10% vacancy rate. Yes, I have to repeat, there has been basically no new construction. The office market in MC is dead....

Cranes up in the are are retail or multi family. SS is better now, along with the revitalization of Georgia Ave. But it was Discovery that put them on the map....that said, I'd rather be downtown than in Silver Spring.

So? I'm fine with stable and low vacancy rates. There have been a couple spec buildings in the last couple years in Bethesda - I don't think there needs to be more than that. A lot of the NoVa submarkets have seen much more spec dev. and now sport vacancy rates in the 25%+ range. That's what a burst bubble looks like and I'm glad we're not in their position.

[DistrictSonic]

Originally Posted by bufflove

So? I'm fine with stable and low vacancy rates. There have been a couple spec buildings in the last couple years in Bethesda - I don't think there needs to be more than that. A lot of the NoVa submarkets have seen much more spec dev. and now sport vacancy rates in the 25%+ range. That's what a burst bubble looks like and I'm glad we're not in their position.

This is the problem right now with virginia. There was also a period where DC was losing offices to Northern Virginia, but that flight has reversed, now northern virginia is losing offices to DC. Suburban maryland is also losing offices to DC, but not at the same rate, and not from the downtown TOD areas.
It should be noted Silver Spring do have new offices which are in the process of being developed, again it's in the downtown area, not in the outlying areas.

There is a definite shift happening with development, and Virginia is suffering far more with far higher vacancies as a result of overdeveloping stand alone suburban offices with little to no access to transit. With Maryland, it is just a bunch of legacy buildings from the eighties and nineties, that are likely nearing the end of their lifespans anyway. The land can probably be redeveloped for other purposes with better planning and design. In virginia many of these buildings were much newer. So the overdevelopment hit harder.

[e30is]

http://www.montgomeryplanningboard.o...061815_000.pdf


If transit is a primary factor, why isn't Wheaton considered? Seems like the only job growth is retail and restaurants according to the report. Instead of converting empty commercial buildings into residential units, why not attract more high-wage private sector jobs? Bethesda and Silver Spring are said to be the hotspot for major employers, it hasn't attracted any major corporations no more than the suburban areas of the county. Plus there are 2 new gleaming office buildings in Bethesda, one on 4500 East-West highway, and another on 7550 Wisc. ave.

[Mr Beco]

Originally Posted by e30is

http://www.montgomeryplanningboard.o...061815_000.pdf


If transit is a primary factor, why isn't Wheaton considered? Seems like the only job growth is retail and restaurants according to the report. Instead of converting empty commercial buildings into residential units, why not attract more high-wage private sector jobs? Bethesda and Silver Spring are said to be the hotspot for major employers, it hasn't attracted any major corporations no more than the suburban areas of the county. Plus there are 2 new gleaming office buildings in Bethesda, one on 4500 East-West highway, and another on 7550 Wisc. ave.

7550 Wisconsin Ave was just a gut and renovation. 4500 is the newest on Spec.....and slowing leasing up and I mean, slowly....

[DistrictSonic]

Just to back my point up with data, the offices are largely going into DC. Virginia was taking from DC at one point, that has reversed itself. Chart of the week

The model of the stand alone car-centric office is dying in the area. You are either in the city, or an edge city (Silver Spring, Bethesda, Tysons, etc).

Both my partner and I have turn down and ignore offers because they are too far removed from transit. For highly skilled workers this is increasingly becoming a thing.

[adelphi_sky]

Originally Posted by DistrictSonic

Both my partner and I have turn down and ignore offers because they are too far removed from transit. For highly skilled workers this is increasingly becoming a thing.

You mean spending less time commuting? It's just smart. I'd love to be able to get rid of my car. But we live just far enough from the metro station. But will be 1/2 from one of the new Purple Line stations. I'd love to be able to bike to the station, and get off within a few blocks of work.

[Mr Beco]

Originally Posted by DistrictSonic

Just to back my point up with data, the offices are largely going into DC. Virginia was taking from DC at one point, that has reversed itself. Chart of the week

The model of the stand alone car-centric office is dying in the area. You are either in the city, or an edge city (Silver Spring, Bethesda, Tysons, etc).

Both my partner and I have turn down and ignore offers because they are too far removed from transit. For highly skilled workers this is increasingly becoming a thing.

It died already!! Tenants are flocking to Metro and major access to locate. Tyson has had a resurgence of activity, around the Silver Line. People seem to be using it. Its all about Live, Work, Play......and office parks like Rockspring Park are in trouble and Montgomery County is addressing it, finally.

The other thing is, Malls died. People cant seem to get over that.