Bethesda is a core business center in Suburban Maryland, which comprises Montgomery and Prince George’s counties. Moreover, Bethesda forms part of the Washington Metropolitan Area, which includes the District of Columbia and surrounding counties in Northern Virginia and Suburban Maryland. The Washington Metropolitan Area is the ninth largest urban centre in the United States with more than 6 million residents, and boasts one of the lowest unemployment rates in the country. When combined with Baltimore and its suburbs, the Baltimore-Washington Metropolitan Area has a population exceeding 8 million residents, the fourth largest in the country. Suburban Maryland has an important role in the local economy and is home to the recognized I-270 Technology Corridor, numerous federal business drivers such as the National Institutes of Health and the Internal Revenue Service as well as private sector headquarters for the likes of Marriott Hotels and Discovery Communications. The federal government accounts for approximately one-third of the region’s economy; however, Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. Top employers include those in the fields of energy, information and communication technology, aerospace, defense, security and intelligence, and biotechnology. A total of 18 Fortune 500 companies’ headquarters are located within the Washington Metropolitan Area. According to the Greater Washington Board of Trade Report, the nation’s capital receives considerable amounts of foreign direct investment from the United Kingdom, Western Europe, and Canada. In addition, Japan, India, Israel, and South Korea are amongst the top countries with companies operating in the region.
Suburban Maryland has 72 million square feet (msf) of existing office space and is the smallest of the three jurisdictions that make up the Washington Metropolitan Area. The entire Washington Metropolitan Area, which encompasses the District of Columbia, Suburban Maryland as well as Northern Virginia, comprises more than 360 msf of existing commercial office space.
Blessed with the highest real income and spending power of all the major metro regions within the U.S., Washington-area residents support a diverse and thriving retail market. The region contains more than 280 msf of retail space of all types, ranging from lively urban scenes in Georgetown, Adams Morgan and Bethesda to high-end shopping areas, including the Tysons Corner Center, the largest shopping mall in Virginia.
The Washington region’s industrial market comprises nearly 200 msf with core industrial locations along the I-95, the major north-south access corridor of the Eastern United States, and near Dulles International Airport.
The Washington region remains one of the most sought-after investment locations in the U.S. It tops many investors’ lists due to its overall stability, long-term performance and the presence of the federal government.
Avison Young opened its Bethesda office in Suburban Maryland in 2012 as part of the company’s acquisition of Realty Management Company, a Bethesda-based real estate firm that provides property management, facility management and engineering services. Realty Management Company has since been rebranded as Avison Young. With this latest acquisition, Avison Young achieved another milestone in the company’s aggressive U.S. expansion program while increasing the firm’s local service lines and bringing millions of square feet under management in Metropolitan Washington. Due to the U.S. Capital Region’s key geographic location and essential role in global economic and governmental activities, Avison Young’s Washington Metropolitan Area team is well positioned to facilitate multi-market, cross-border transactions in conjunction with all Avison Young offices.