D And M Leasing

Leasing returns to Montgomery County, but not everywhere

In March the JBG Cos., based in Chevy Chase, beat out heated competition from Prince George’s County developers to extend a lease that will keep more than 1 million square feet of offices for the U.S. Department of Health and Human Services in Rockville.

And not two weeks ago, Trammell Crow Co. began building a five-story, 162,000-square-foot office and manufacturing center for Boeing subsidiary Digital Receiver Technology , in Milestone Business Park in Germantown.

The deals exhibit the Washington area’s attractiveness to companies looking to expand, often in neighborhoods that the county is working to reinvent as more urban and transit-oriented.

But they are also in some way outliers, because for all of its recent deals and its attractive demographics, Montgomery County still has a glut of empty office space that has not drawn the interest of companies, leaving hundreds of thousands of square feet empty since the recession.

“There are dozens of companies that are moving around within the region,” said Steve Silverman, county director of economic development, who helped finalize some of the deals. “The problem is that we don’t have enough companies that are looking within the Washington area to take up all the space that we have, and I think this will take several years to play out.”

The vacancy rate for office buildings in the Washington area was 12 percent in the first quarter of 2011, down from 13.2 percent a year ago, according to the Alexandria-based research and advisory firm Delta Associates. In Montgomery County the rate was slightly lower, at 11.6 percent, but some of the county’s top submarkets have vacancy rates that are still far above what they were at the end of 2008, when the economy was reeling from the collapse of major financial institutions.

According to Delta, the vacancy rate in Bethesda-Chevy Chase is now 7.7 percent, up from 3.8 percent at the close of 2008. Silver Spring is at 10.8 percent, up from 6.8 percent, while North Rockville is at 14 percent, up from 9.2 percent.

The numbers illustrate the difficulty many commercial property owners have finding companies to fill their buildings, even as Washington returns from the recession with some of the strongest job numbers in the nation.

Contributing to the vacancies are a number of buildings that are nearly or completely empty. At 6560 Rock Spring Dr. in Bethesda, a 180,393-square-foot building sits unoccupied after being vacated by a Lockheed Martin unit. At 13900 Connecticut Ave. in South Kensington a 262,923-square-foot building is listed as vacant in a database kept by CoStar Group.

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