MCCC's Infrastructure and Land Use Committee met on November 9, 2021, where they were joined by Adam Ducker, CEO of RCLCO, a leading real estate firm based in Bethesda.
Mr. Ducker talked about the dynamics that have driven real estate in Montgomery County, including an aging population as compared to that of Northern Virginia. Montgomery County should seek ways to attract younger residents and workers if it is to compete in the future.
Mr. Ducker noted that job density is highly disaggregated in Montgomery County, which may be another risk. The County’s retail real estate market, according to Mr. Ducker, has weathered COVID-19 pandemic better than many other markets around the county. Part of the reason is that the County is not over-retailed, which is a problem in other suburban counties around the nation. Mr. Ducker commented on the future of office space, as well, sharing that he thought the post-pandemic employee trends may put down demand pressure on office space, but this is likely to happen slowly as businesses reconsider their in-person office needs. He said high-quality offices and locations will do well, but buildings that were struggling with relevance pre-pandemic will continue to experience pressure.