This is also part of a block-long revamp of JBG properties between Wisconsin and Woodmont Avenues, along Bethesda Avenue. JBG is attempting to reposition the building to be more attractive to tenants in a weak office space market, created by Montgomery County's moribund economic development climate. County elected officials have failed to attract a single major corporate headquarters to relocate here in over a decade.
JBG has been successful in getting one desirable restaurant tenant, a new location of the popular Fish Taco, and is still working on drawing another one to a second retail space in the building.
34 comments:
"The new entrance to Artery Plaza at 7200 Wisconsin Avenue in downtown Bethesda has been unveiled...JBG is attempting to reposition the building to be more attractive to tenants in a weak office space market, created by Montgomery County's moribund economic development climate. County elected officials have failed to attract a single major corporate headquarters to relocate here in over a decade."
O happy fault
O necessary sin of the MoCo Machine
Which gained for us so great an office building entrance...
Nova and MoCo appear equally weak. 17% vacancy for Nova and 17.4% for MoCo.
According to the comments in the other thread. I think Lincoln or some other company was the source.
Ugly building with an awful name.
A new entrance isn't going to change that.
12:20 PM - Actually the figure was for MoCo and PG together, not just MoCo by itself. So it's probably even better.
So what's the basis for dyer's opinion?
5:30: High vacancy rate and failure to attract a single major corporation in over a decade. Rapidly declining job share percentage relative to NoVa and DC. Also, remember that NoVa has far more office space inventory than MoCo. Sequestration fallout is making Virginia's office market appear slightly worse than it is in reality regarding private business. We are also way behind DC's lower vacancy rate.
"Rapidly declining job percentage relative to NoVa and DC."
Based on what statistics? Cite your sources.
6:39: The source was your own MoCo political machine's office space report from this past June, which stated that Montgomery County's share of the total jobs in the region has steadily declined over the last 10 years.
So why can't you link to it?
So you're saying that NoVa has a "high vacancy rate", too, given that it varies by only four-tenths of a percentage point from MoCo's?
"[R]emember that NoVa has far more office space inventory than MoCo."
Does someone need to explain the concept of "percentage" to you?
"Sequestration fallout is making Virginia's office market appear slightly worse than it is in reality regarding private business."
Ah, I get it. NoVa's reliance on federal jobs is somehow a good thing, whereas it's a bad thing in MoCo.
8:53: Vacancy rate doesn't equal economic development climate by itself. Somehow NoVa is killing us despite a supposedly high vacancy rate.
8:58: You're confusing federal jobs (NIH, FDA) with private-sector government contractor jobs (aerospace, defense, consulting, etc.) spurred by proximity to the federal government (which is where NoVa has excelled over MoCo).
Do you know what factors other than vacancy rate that contribute to economic development are what's causing NoVa to be killing us?
Certainly that's a good point about federal jobs can private sector. But by your own point, it would be fair to say that MoCo is then doing a better job of NoVa in attracting federal jobs than NoVa? Federal jobs also being a contributor to economic vitality, especially in this competitive region where the federal government has a multitude of options in DC, VA, and MD.
I'm not affiliated with MoCo nor know who a MoCo political machine might be. Do you think you can provide a link to the report that you are mentioning? Would really appreciate it.
And is there a complimentary reference source for NoVa that shows improvement where the MoCo data shows decline over the last 10 years?
A source would be greatly appreciated, help remove doubt, silence naysayers, and go a long way in supporting your perspective and position. Thanks, Robert.
So by your statement here, MoCo and NoVa both equally have a high vacancy rate and are both equally way behind DC's lower vacancy rate.
Can you provide some more information on job share percentage? I'm not familiar with the term and a quick Google search comes up with seemingly unrelated terms.
Can you clarify and qualify the sequestration follow up appearance disparity?
NoVa having far more office space inventory at relatively the same vacancy percentage as MoCo also means NoVa has far more empty office space than MoCo.
Is there a source or research showing the economic advantage or stimulant to the local economy from a new major corporation moving in? I would be inclined to believe this would be a boon, but is there any data to prove it?
Also, if we look at the United States as a whole, a corporation simply moving from one state to another doesn't really have a net effect on our total economy does it? In this case we would be saying let us gain in local MoCo at another local area's loss.
"You're confusing federal jobs (NIH, FDA) with private-sector government contractor jobs (aerospace, defense, consulting, etc.) spurred by proximity to the federal government (which is where NoVa has excelled over MoCo)"
What? The money for both comes from exactly the same place, federal spending.
Thank you for finally providing a source. A link would be nice, but I found it myself. If anyone else is interested, it's here: http://montgomeryplanningboard.org/blog-news/2015/06/22/planning-department-releases-office-market-assessment-report/
"With 20 million square feet of vacant office space, Fairfax County accounts for the largest share (28 percent) of vacancies region-wide."
"Montgomery County has nearly 11 million square feet of vacant office space, accounting for 15 percent of regional vacancies."
Now we know why Dyer won't link to any sources.
And Arlington has 9 million square feet of vacant office space, so that gives a total of 29 million square feet for Fairfax and Arlington together. (Unfortunately the statistics for Alexandria were not included.)
That's almost three times the vacant office space of MoCo.
Not reply to any logical posts counter to his unsubstantiated opinion.
8:19: On the contrary, they simply amplified my point that Virginia has more office space, period, because it has attracted so much more economic development activity than MoCo. So - duh! - it has more gross vacant office space because it has more office space to begin with.
Private firms like Northrop are not federal jobs. NIH is a federal agency. MoCo has done no better than NoVa in attracting government jobs. In fact, the reason sequestration hurts NoVa more than us is because they have more government dependent jobs than we have, particularly in defense, the hardest hit sector.
So NoVa built it and they didn't come. So it sits vacant at great expense. How does that equal more/better economic development?
I get that yes with more space and the same vacancy percentage, that means there is more office space in use in VA. Do we also know population numbers for the comparable spaces you keep comparing?
i actually agree with the point that direct government jobs and indirect jobs created as a result of government really come from the same money pool so they both count toward economic contribution to an area.
What's the amount of direct government jobs in MoCo vs NoVa? You were saying before that MoCo has more I think? And now you are saying MoCo has done no better? Can you clarify? Appreciate it.
"Private firms like Northrop are not federal jobs...In fact, the reason sequestration hurts NoVa more than us is because they have more government dependent jobs than we have, particularly in defense, the hardest hit sector."
What exactly are you trying to say here? You first say that they are "not federal jobs" but two sentences later you admit that they are completely dependent on the federal government. Can you name even one private-sector client of Northrup-Grumman, or General Dynamics?
And if this sector is so vulnerable, then why do you think that MoCo needs to expand it?
And I love how you try to claim that MoCo's vacant offices are proof of a "moribund" economy, while NoVa's vacant offices are proof of their "attract[ing] so much more economic activity than MoCo".
They should have kept the ground floor retail space as restaurant. At least it attracted a large amount of foot traffic and revenue during the run of Montgomery Grill. It also filled the public space requirement in much better fashion than what is now there.
Moribund Montgomery Grill!
Miss Montgomery grill
Robert. Given the percentage is about even.... So which is it? More available/vacant space is good or bad?
@ 8:28 AM - Obviously it's good if it's in NoVa, bad if it's in MoCo.
Let's allow dyer to answer for himself as an explanation
I don't think office space is a perfect proxy for jobs, since it assumes the same number of square feet per employee (or job) and that varies by industry.
Why will Dyer not post 2014 or 2015 job numbers for each county? The data is surely there, somewhere. Anyone with a job is having payroll tax withheld, and in this area (due to reciprocity agreements), it's held by their state of residence, not the state where they work, so that data will give a true picture of how many people are working and living in each state and county.
Post the numbers please!
Actually you raise a good topic of conversation. What are the stats for income taxes and corporate taxes in each state? If the argument is that everyone is working in DC and VA but then coming to MoCo to live, presumably we get all their income taxes and property taxes and perhaps more of their spending money and sales taxes. Would love to see some analysis here.
"I don't think office space is a perfect proxy for jobs, since it assumes the same number of square feet per employee (or job) and that varies by industry."
And it also fails to account for telecommuting, which has increased sharply in the past several years.
That's another good point I'd love to see stats on. What are the numbers on MoCo vs NoVa telecommuters? Is there any offset there?
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