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The area of North Rockville has gone through cycles of being an active and thriving market to the highest sustained vacancy rate in suburban Maryland. Nonetheless, it is still the nexus for a highly skilled workforce, and offers convenient access to exploding developments and prime real estate. Looking at Shady Grove, the area is presently undergoing some exciting expansion. On the East side: Mom’s Organic Market and a new CVS are now in full swing at Shady Grove Road and Choke Cherry Road. 1788 Holdings/Lantian Development is in the planning phase of redevelopment of seven existing office buildings.
Moving over the West side, PS Business Parks is laying out plans for their 75 spec suites – a sweet opportunity for tenants in the market for space. The suites will range from 1,500 – 7,500 of square footage.
And, the National Cancer Institute is poised for their next major expansion!
The open houses for the Bus Rapid Transport (BRT) have begun in Montgomery County last week. Which means that slowly but surely BRT will be coming to our county—and it could not come faster in my opinion. BRT will help connect businesses, provide transportation options, and expand where organizations can recruit to further their growth.
How does Montgomery County remain competitive with markets like Boston? Sure, we are able to compete when it comes to an educated workforce, access to universities and colleges, and actual space for businesses to operate. We have the distinct advantage of direct access to the federal government and agencies. If you line up the pros and cons of both markets—the winning piece would be who can solve the transportation equation the smartest and the fastest.
In the recent weeks, the mayor of Boston released his transportation plan titled Go Boston 2030 which is intended to improve transportation within the city and address a multitude of existing transportation challenges. Read the article here.
So here is the deal—it is time Montgomery County moves quickly and efficiently in solving our transportation challenges. Ease of navigating the county roads, the ability for employees to access their workplace economically and efficiently is one of the biggest recruiting challenges for major corporations. If we do not begin to move forward with the BRT and other transportation options, we will continue to lose out to other major markets—especially frustrating to me and many others because this region is ripe for explosive growth.
Those Seeking Results-Focused Real Estate Solutions Should
Scheer Partners capped off a successful 2016 and will continue to deliver comprehensive real estate solutions to the region in 2017. How will Scheer Partners achieve this? By elevating the firm’s entrepreneurial spirit and capitalizing on the staff’s talents and expertise.
Here is who was promoted:
Brian Bouey promoted to Vice President and Chief Operations Officer. Brian will be directly responsible for Property Management activities and overall operational duties of the firm, including IT, Human Resources, and Administration.
Matt Brady has been promoted to Senior Vice President and Sales Manager. In his expanded role, Matt will be responsible for day to day business development activities for brokerage, construction management and property management services.
Claudia Yates has been promoted to Creative Director & Operations Manager. In her expanded role, Claudia will oversee the firm’s day-to-day operational functions, as well as provide creative direction for client interaction.
New hires include:
Matt Brown joined Scheer Partners as the Acquisitions Analyst. Matt will be supporting the firm’s expansion in development and acquisitions.
Maurice Anderson joined the firm as Property Administrator. Maurice will support property management activities.
Michelle Corrado joined as Assistant Controller. Michelle will support the accounting department.
When it comes to selecting a property management company to operate your facilities, here are a few tips to keep in mind during the selection process:
Scheer Partners was recently selected by Montgomery County Housing Opportunities Commission to provide development consulting services. Contract was awarded based many factors including the following:
Scheer will support HOC’s Real Estate Acquisition and Development Activities with focus on mixed-income multifamily projects, including transaction structure, entitlements and construction processes.
Join us for upcoming free webinars lead by industry and economic experts in the region.
Thursday, September 15th at 2 PM. Transportation, construction developments, oh my Bethesda! Register here.
Thursday, September 22nd at 2 PM. Understand what is the most important ‘thing’ your business must have to be successful. Register here.
Thursday, October 20th at 2 PM. Devil is in the detail—office building insurance clauses you need to understand. Register here.
Join experts from Scheer Partners, Recurrent, LLC, Montgomery County Division of Environmental Policy & Compliance, Department of Environmental Protection, and the US EPA ENERGY STAR program for an informative webinar on cost savings strategies through energy benchmarking.
Hear from the experts on:
Webinar will be held on Thursday, November 12th at 2 PM EST (live from your computer!). RSVP to firstname.lastname@example.org.
Big news folks, the Financial Accounting Standards Board is modifying how real estate leases will be presented on a company’s financial statement. (YAWN) But wait, this is very meaningful to both real estate owners and tenants, especially if you borrow (LOL). Click here for the details.
The project, which has been designated the “Number 1 Transportation Priority for Montgomery County,” is slated to begin construction in the early spring of 2016 and the estimated completion date sometime in 2018. The road construction project has spurred on two residential and commercial developments.
Watkins Mill Road Extended:
The project will connect Watkins Mill Road east of I-270 to Frederick Road/Maryland Route 355 and, ultimately, to the Metropolitan Grove station and interim terminus for the Corridor Cities Transitway. In the future, the State will build an interchange at I-270 and Watkins Mill Road to relieve congestion at the Maryland 124/I-270 interchange, and the Frederick Road/Montgomery Village Avenue and Quince Orchard Road/Clopper Road intersections. Watkins Mill Road Extended will be a six-lane highway that includes a sidewalk, a bike path and street lighting.
Residential and Commercial Developments:
Sitting on 200+ acres, Watkins Mill Town Center, is slated to include 4.5 million square feet of Class A office space, a hotel, restaurants, retail and more than 2,200 homes and apartment units. Currently, the residential component of the project, The Parklands, is the fastest selling residential community in Montgomery County.
The Spectrum at Watkins Mill is a $270 million, 40-acre, mixed-use urban village. Strategically located at the intersection of Watkins Mill Road and MD Route 355, The Spectrum is situated at the heart of Montgomery County’s I-270 bio-tech corridor.
Today: Planning completed.
September, 2015: Engineering completed, including stream restoration and structure plans.
September, 2015: Solicitation of road construction bids.
February, 2016: Road construction begins.
September, 2018: Traffic allowed on Watkins Mill Extended.