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Converting obsolete office properties in North Bethesda—isolated from transit and relics of a bygone era—to schools or apartments is not financially viable, the Montgomery County Planning Department says.
Montgomery County commissioned a report on the viability of converting vacant office properties into other uses. The concept makes sense in practice, but it simply doesn’t make financial sense, Bethesda Beat reports.
The county was hoping to gain some clarity on whether empty office buildings in Bethesda and North Bethesda could find new life as schools or housing, or for other uses. According to the study's author, DC-based consulting firm Bolan Smart Associates, renovating or simply destroying some of these buildings with an eye toward attracting modern mixed-use developments would be financially prohibitive.
Bolan also finds that while current office vacancy rates paint a bleak picture for the area, office parks could be in position to recover. The study was partially influenced by several high-profile relocations from Montgomery County, including the National Institute of Health’s departure from Executive Boulevard and the National Institute of Allergy and Infectious Disease from Rock Spring. Bolan specifically points to both sections as "viable" office markets in their report.
Further down the road, Rock Spring will also be dealing with the relocation of Marriott International, as the hotel giant plans to relocate its HQ by 2022. [BETH]
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