Many real estate analysts and pundits are arguing that offices are becoming obsolete, thanks in large part to workers’ continued post-pandemic demand for hybrid or fully remote work schedules. If this trend persists, planners must grapple with the question: What happens to the vacant space? In this blog, we examine Montgomery County’s office-vacancy trends and the characteristics of highly vacant office space (which we defined as more than 50% vacant). We also look at the possibilities for redevelopment. While vacancy isn’t the only factor affecting possible redevelopment of office space, it is significant and the focus of this blog.
In just the past three years, office-space vacancy has increased dramatically in Montgomery County. Vacancy rates in … Continue reading