It is our pleasure to continue providing readers with in-depth analyses of commercial real estate in the Mid-Atlantic region. With the year coming to a close, we’d like to continue our focus on the DC Metropolitan area. If you’re visiting the area for the holidays to see the National Christmas Tree, we recommend stopping by Silver Spring on your travels. Thanks to the influx of new residential, entertainment, and retail businesses in downtown Silver Spring, the commercial real estate market is flourishing. Learn more about the latest developments below.
Life in Downtown Silver Spring
If you’re familiar with this area, you know there’s never a dull moment in downtown Silver Spring. In fact, there are few places in Maryland better suited for a night on the town. Guests and residents can shop, eat at a variety of unique restaurants, and enjoy diverse entertainment options. The area is home to several movie theaters and playhouses, including the historic AFI Silver Theatre, the Regal Majestic, and the Black Box Theatre. However, the principal attraction in downtown Silver Spring is the Filmore, a music venue that hosts well-known indie artists. Locals frequently visit spots like the Record Exchange and La Malinche, a low-key Spanish tapas bar, before heading to the Filmore to see their favorite acts.
Consequently, it’s no surprise that people from all walks of life flock to this location. For the curious, culture-hungry individual, there’s plenty to do and see. Currently, over 80,000 people reside in downtown Silver Spring, making it one of the most populous places in the state. In addition to its large apartment buildings, Silver Spring is highly walkable, giving it a metropolitan feel despite being located outside Washington DC. It also provides easy access to transportation routes like the Capital Beltway and US 29. The Silver Spring Metro station is also an option for commuters and travelers.
The State of Commercial Real Estate in Downtown Silver Spring
Earlier this year, the Montgomery County Council approved the Silver Spring Downtown and Adjacent Communities Plan. The plan includes vast additions to infrastructure including new public parks, higher buildings, residential properties and commercial properties. Improvements to transportation, including streamlined rail station access and better walking and cycling paths, are also a part of the plan. These updates are likely to bring many more people to the area. Ultimately, this translates to significant economic growth, housing growth, and restructured urban design.
There are about 40 million square feet of potential real estate development in downtown Silver Spring. This makes it an ideal location for investors and developers looking to build active commercial spaces nearby. According to Montgomery Planning, the Adjacent Communities plan seeks to “Establish the Civic Improvements Fund (CIF) to allow all Commercial/Residential (CR) properties to obtain additional density if needed to meet maximum building heights. The fund will support a world-class arrival experience at the transit center, a new bridge connection across the rail tracks, and strategic streetscape improvements.” There is no doubt that the planned developments aim to attract more commuters and business owners. It will be incredibly exciting to watch these changes take place over the next few years.
Partner with Willowbrook Valuation & Advisory Services for Expert Investment Assistance
At Willowbrook Valuation & Advisory Services, we are a leader in trusted insight, cutting-edge innovation and customer service. We offer exceptional litigation support to assist clients with insurance valuation, arbitration and consulting, property tax services, and expert testimony. To learn more about our valuation, counseling, or litigation services, please contact us at (202) 919-3888.