Converting Office to Residential Is Complicated

Posted by & filed under Design.

Economics, location, architectural design and zoning regulations play important roles in determining new uses for vacant office buildings In a previous blog post, we explored trends likely to impact the adaptive reuse of office buildings, as illustrated through the Octave 1320 office-to-residential conversion in downtown Silver Spring. With its final unit now sold, the successful project prompted us to think about the future of office conversions in Montgomery County. As cited in the 2015 Office Market Assessment and noted in countless other reports and news articles, the Washington region’s office market currently faces stiff headwinds that are likely to continue in the foreseeable future.  Montgomery County is no exception. As of July 2017, the office vacancy rate in the county… Read more »

Montgomery County Employment Trends: Federal Government Plays Key Role

Posted by & filed under Design, Research.

The Great Recession had a profound impact on industry and labor conditions throughout the United States. The ensuing recovery has been uneven – both geographically and across time – and today, many places have not recovered or have economies that differ from the pre-recessionary period. Montgomery County’s economy was also affected by the Great Recession, however, its employment shrank less than those of other jurisdictions during the height of the recession. Our research shows that employment in the county declined 1.8 percent between 2008 and 2011, compared to 3.9 percent nationwide. The reason for this tempered loss is the role played by the federal government in the county’s economy. Industries such as finance, construction, retail and others were supported by… Read more »