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Rising property values and rising interest rates are spurring the Montgomery County commercial real estate market.“Our office is seeing a slight increase in the number of requests for commercial property,” said Robert Scheer, president of Scheer Partners real estate company. “The Montgomery County region has always been a prime location because of its proximity to Washington, DC, but the real estate slump did hurt the market a bit.”
Another driving factor behind the uptick in requests is Montgomery County growth. While the rest of Maryland languishes, Montgomery County is adding jobs and population.
“The combination of government downsizing and private sector increasing means commercial properties are moving. When one moves out, another moves in,” Mr. Scheer said.
Reports on Montgomery County show a 14 percent vacancy in commercial properties, the lowest in the state. By comparison, Prince George County has a 22 percent vacancy rate.
Several large developments in the county are also filling quickly, Mr. Scheer said.
“We haven’t seen a lot of new development, compared to what we had in the past. I do expect this to grow as the economy continues to get stronger. The demand is certainly growing and any time the market has a need, someone will step in to fill that need,” he said.
More commercial real estate in Maryland is expected to come available because of federal government consolidation, he said. As federal departments are cut back and leave leased or rented space, that property will become available on the open market.
“That’s a good and a bad thing. It’s bad for landlords because the government is a reliable tenant, except when the office is closed as is happening now. On the good side it means the space is opened up to private companies, which is a growing part of the market here,” he said. “I do not anticipate quality properties sitting idle for very long.”
Scheer Partners specializes in commercial and biotech real estate in northern Maryland and Montgomery County in particular. Visit http://www.scheerpartners.com/ or call 301.337.4700 for more information.
Contact Info:
Name: Steven Gordon
Email: Send Email
Phone: 8663649194
Website: http://www.scheerpartners.com/
Release ID: 18636
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