Montgomery County councilmembers approved a Make Office Vacancy Extinct (MOVE) grant program to reduce office vacancies and rebuild the county economy.
This is not a new county program. Instead, it is an expansion designed to enable more business owners to come to Montgomery County and also encourage current business owners to expand.
“At the end of the day, we want businesses to move to Montgomery County and expand in Montgomery Council,” said Councilmember Evan Glass, who sponsored the bill which codifies the grant program into law.
The office vacancy rate here during the first quarter of this year was 18.2%, according to CoStar.
“Going to work in a physical location is good for our economy,” Glass said, noting it increases the number of people dining at area restaurants and coffee shops and shopping at stores.
Following the council’s vote, Glass posted on social media, “Montgomery County is open for business! Today the council took an important step to address our high office vacancy rate by passing the M.O.V.E. Act — which incentivizes businesses to relocate and grow in Montgomery County.”
Councilmember Natali Fani-González explained, “Passage of the MOVE Act is one of the tangible results of the year-long effort by the Economic Development Committee to tackle the concerning rise in vacant office space.” She added that the MOVE program has “a strong track record” of attracting businesses and nonprofits to the county.
The vote Tuesday allows smaller businesses to qualify for grants and increases the maximum funding award from $80,000 to $150,000.
In Fiscal Year 2023, the MOVE program supported 22 companies across a variety of industries that leased a total of 92,720 square feet.
“We cannot afford to sit back and hope for the best. We need to fill more jobs and attract more people to our County,” said Councilmember Laurie-Anne Sayles.
Bill Tompkins, president and CEO of the Montgomery County Council Economic Development Corporation called the MOVE program “a valuable addition to our efforts to support business growth and expansion.”
The Montgomery County Chamber of Commerce also backed the program.
The new law goes into effect 91 days after Executive Marc Elrich signs it.
Montgomery County is open for business!
Today the council took an important step to address our high office vacancy rate by passing the M.O.V.E. Act — which incentivizes businesses to relocate and grow in Montgomery County.
My appreciation to colleagues on the Economic… pic.twitter.com/ubH2Z8CaZN
— Councilmember Evan Glass (@CMEvanGlass) July 30, 2024
