New Program to Attract Technology Sector

Check out Montgomery County's new initiative to support the innovation economy. The MOVE (Make Office Vacancies Extinct) Program is designed to attract life sciences, IT, cybersecurity and green technology businesses to Montgomery County. These are the technology-based sectors critical to the County’s economic future.

The program will reduce Class A and B office vacancies by offering a $4 per square foot rent assistance for year one on new commercial leases of at least three years and at least 2,000 square feet to companies that are newly formed in or relocate to the County.

The innovative MOVE program came out of engagement by the Department of Economic Development with the local real estate sector over the past year. It is a creative and proactive way to attract innovative businesses to the County while reducing Class A and B office vacancies.

The program is capped at 10,000 square feet or $40,000 per company. New company attraction over 10,000 square feet is managed through the County’s Economic Development Fund that awards grants, loans and/or tax credits based on the projected impact of the business. The MOVE program is effective immediately. DED will administer the program using initial funding from its existing FY14 budget.

DED pojects that every $250,000 in rent abatements through the MOVE program will yield about 15 new business formations or attractions in the County, with an estimated 250 to 320 new jobs.