Thursday, September 8, 2016

Montgomery County, MD MOVE Program - New Businesses signing new Office Space can get up to $8.00 / sf in Grants

Did you know that if you have a business leasing or buying new office/industrial space in Montgomery County, you can qualify for up to $8.00 per sf in grants?  The MOVE program was rolled out June of 2015 to entice more businesses to set up shop in MoCo and bring in more residents and additional collected tax dollars.  AND if you move into City of Rockville, the city is offering an additional $4.00 per sf?  Total $12! Given MoCo office space is reaching up to $25-50 (higher in Bethesda) per sf full-service, that's a significant savings.  But I'm wondering how recent employment trends such as telecommuting has affected business decisions to lease central, close to metro, aka expense office space?  (I'm typing this in a breakfast cafe as I myself telecommute from my job once a week).

I would think that MoCo office sector is suffering on a whole (hence the rollout of this program altogether).  I was recently negotiating an office space in Rockville asking $25.50/sf, building was less than 50% occupied, landlord wouldn't even budge less than $24/sf.  I mean really? Are there than many businesses that want to spend $$$ on overhead?  And talk about the millennials...all they really want is flexibility, the ability to work where ever when ever.  My guess is that office space needs will shrink with more open flexible working areas over the next 5 years.  No employee wants to commute an hour plus to sit at a desk all day.

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