Arlington County Manager Mark Schwartz has proposed setting aside additional funding for economic development incentives to reduce the county’s “unacceptably high” office vacancy rate on the heels of a deal that helped retain tech firm Opower.
Schwartz, in his first budget since taking over as county manager, is calling for an additional $1.5 million in one-time funds, saying he wants to “continue the strategy that has been successful to date, as evidenced by the recent decline in the commercial vacancy rate.”
That vacancy rate is still in excess of 20 percent but the county has seen additional leasing in pockets like Potomac Yard’s National Gateway, where German grocer Lidl has opened its U.S. headquarters aided in part by in-kind contributions from the county. And earlier this month the county agreed to offer $1 million to Opower (NYSE: OPWR), which has committed to remaining in Arlington and creating at least 70 additional jobs as part of a move to a planned development at 2311 Wilson Blvd.