BETHESDA: State of Montgomery County
Montgomery County has the demographics and flow of product to hang tough in the region's multifamily battle. But some panelists at Bisnow's event there yesterday morning feel there's lots of room for improvement. (You ready for some tough love, MoCo?) StonebridgeCarras principal Doug Firstenberg (with Foulger-Pratt's Bryant Foulger) cautioned that flat job growth and a lack of hip amenities is a problem. (Any amenity can be a hip amenity if you have the right song on your iPod as you use it.) Bryant says the county's struggles with attracting business might also harm long-term prospects.
For now, the county's stats stack up well, according to Delta Associates' Grant Montgomery. Vacancy is down to 4.5%, compared to 5.1% last year. Developers like Evan Goldman (above) of Federal Realty—the REIT behind the big Pike & Rose project at White Flint Metro—are working to get the amenity base up, though. Retail amenities, if done right, can up a project's rent premiums 15% to 20%. Walkable amenities are the key to any new project, Evan says—even transit-oriented developments—so that residents don't have to deal with traffic hassles.
