Skip to main content

County Moves To Eliminate Office Vacancies With Rental Assistance

By WTOP Staff

Renovated office building at 7550 Wisconsin Ave., in downtown Bethesda (file photo)Montgomery County Executive Isiah Leggett on Tuesday announced a rental assistance program aimed at new companies to help reduce the county’s 13.5 office vacancy rate.

The program, called MOVE (Make Office Vacancies Extinct), offers $4 per square foot rental assistance for the first year on new commercial leases for newly formed companies or companies that decide to relocate to the county.

The leases must be at least three years and for at least 2,000 square feet of Class A or Class B office space.

According to third quarter 2013 statistics from the Montgomery County Planning Department, the county had a 13.5 percent office vacancy rate, slightly less than the 13.8 percent office vacancy rate for the entire Washington region.

Among the county’s major office submarkets, Bethesda-Chevy Chase had the lowest third quarter vacancy rate, at 9.1 percent. But office rents in Bethesda-Chevy Chase were the highest, ranging from an average of $35-$36.71 per square foot.

Office buildings under construction in the area include a Class A building at 4500 East West Highway and an eight-story, half-leased building in the Pike & Rose development in North Bethesda. The average rent at the Pike & Rose office building is $45 per square foot.

The county says the MOVE program came out of discussion between the county’s Department of Economic Development and the real estate sector.

The press release announcing the program included a quote from Scott Randolph, senior vice president of commercial real estate firm Transwestern.

“This rent subsidy will greatly enhance Montgomery County’s reputation as a pro-business environment,” Randolph said. “Office rents are typically one of the highest expenses on a company’s financial statement and the proposed subsidy represents a significant reduction in start-up and relocation expenses. The workplace has now become both a hiring and retention tool for employers. As these employers seek to attract the best and brightest employees while also reigning in real estate costs, the proposed subsidy will create a competitive advantage for Montgomery County, not only as a place to work, but also to live.”

Each company that takes part will be capped at 10,000 square feet, or $40,000 of county money. The county DED manages assistance for companies looking for more than 10,000 square feet in its regular Economic Development Fund.

The MOVE program is targeted more at smaller life sciences, IT, cybersecurity and green tech businesses.

“MOVE is an innovative program targeted at attracting emerging technology companies to the County. Our local real estate sector has told us they believe it will make a difference and help them fill existing, vacant office space throughout the County,” Leggett said in the press release.

The assistance program is effective immediately and will use funding from DED’s budget for this fiscal year.

DED Director Steve Silverman said the county expects about 15 new businesses in the county and between 250-320 new jobs for every $250,000 in rent assistance provided.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote