Author: Chris Speicher
As the economy continues to improve around the country, so too is it improving in Gaithersburg. Retail vacancy is trending downward in the area, with signs that the retail sector is returning to pre-recession numbers.
According to Gaithersburg Economic Development Director Tom Lonergan, “The city of Gaithersburg’s retail vacancy numbers have shrunk to their lowest percentage since the recession.” This information is based on a report of approximately 300 retail properties around the city, which includes both shopping centers and freestanding retail sites.
Lonergan adds, “I’m pleased with the way things are trending right now. Obviously there are some spaces that their vacancies are more noticeable and we look forward to getting new tenants in there sooner than later.”
One area of focus will be Olde Towne Gaithersburg where progress is moving more slowly than the rest of the city. Lonergan says the city is working with a few new businesses that could be coming to town, but declined to announce their names. Lonergan acknowledged that there will be continued challenges, but he says he’s confident that Gaithersburg home owners will live in a city with a robust retail climate once again.
He says Kentlands is one area of focus, adding, “Overall, the demographics, density and shopping patterns continue to indicate that Kentlands is still one of the city’s strongest areas for shopping and good retail. With that said, being a little bit off the main roads, and, in particular, with multiple new town centers and other commercial shopping opportunities being developed around the city, I understand the challenging environment for retail in the city.”
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