Business Notes: Four Projects Expected To Bring Office Space Boom to Bethesda
Two new retailers open at Clarksburg Premium Outlets; state loses 5,500 jobs in October
Rendering of JBG Smith's planned redevelopment of 4747 Bethesda Ave.
VIA JBG Cos.
Bethesda office market preparing for boom
Office space in downtown Bethesda has remained flat for more than 15 years, but an influx of new projects is preparing to change that fact, according to The Washington Business Journal [story is behind a paywall].
Four mixed-use projects under construction or planned in Bethesda will add more than one million square feet of office space downtown:
- Carr Properties’ 937,000-square-foot redevelopment of the Apex Building with one new office building and two residential buildings at 7272 Wisconsin Ave.
- Marriott’s 1.05 million-square-foot headquarters building that also includes a hotel at 7750 Wisconsin Ave.
- StonebridgeCarras’ 500,000-square-foot redevelopment of 7359 Wisconsin Ave. that includes a 390,000 square foot office building
- JBG Smith’s new 287,000-square-foot redevelopment of 4747 Bethesda Ave., which the developer plans to use as its headquarters
The office developments will bring the first Class A office space to downtown Bethesda since Carr Properties completed its 225,000-square-foot 4500 East West Highway building in 2014.
Electric bike shop; Kung Fu Tea open at Clarksburg Premium Outlets
The outlet center in Clarksburg welcomed two new retailers this month. Electric Cycling House, a bike shop, sells pedal-assisted electric bikes and services bikes. It also rents electric bikes for people interested in trying them for a day, a weekend or longer.
Kung Fu Tea, which sells a variety of traditional, milk and bubble teas, as well as a range of other drinks, also opened at the outlet center. The chain has more than 100 stores, including locations at Westfield Montgomery Mall in Bethesda and at the Downtown Silver Spring development.
State loses 5,500 jobs in October
Maryland’s Department of Labor reported last week that the state lost 5,500 jobs, but the unemployment rate remained at 3.8 percent. That rate remains below the national rate of 4.1 percent.
Sectors that saw job losses include trade, transportation and utilities, which lost 3,200 jobs; professional and business, which lost 1,400 jobs; and leisure and hospitality, which lost 1,400 jobs.
The education sector posted a job gain of 1,500, the health care sector increased by 1,500 and construction grew by about 500 jobs. Other sectors, such as manufacturing, saw smaller increases.