Fairfax County Commercial Real Estate. Curtis Hoffman Director, Commercial Real Estate Services

Transcription

1 Fairfax County Commercial Real Estate Curtis Hoffman Director, Commercial Real Estate Services

2 Fairfax County Profile Number of jobs: 590,407 Unemployment rate: 3.7% Second largest suburban office market in the U.S. Has nearly 25% of the total office space in Metropolitan Washington Has 32% of the total office space in the state of Virginia AAA Bond Rating Technology jobs: more than 144,000 Ten Fortune 500 headquarters 411 foreign owned firms 2012 median household income: $107,096 Portion of Washington-area gross regional product: 23% 58% of residents have a bachelor s degree or higher

3 Commercial Real Estate Highlights Office Inventory: million square feet Increased demand for office space Lease rates have stabilized Vacancy rates increasing Majority of lease deals are renewals and consolidations Commercial values increasing Flight to quality Construction activity is strong

4 Commercial Market Overview Office: million s.f. More office space than: Miami, San Diego, Charlotte, and Kansas City Industrial: 39 million s.f. Predominantly flex space Retail: 45.5 million s.f. Four super regional malls Hotel: 11 million s.f. 99 hotels with more than 17,000 rooms Total S.F. (Millions) Hotel Retail Industrial Office

5 Commercial Submarkets 22 submarkets 7.7% of land is zoned for commercial use 17,500 acres Nearly 2,600 acres are vacant % of real estate tax base

6 COMMERCIAL REAL ESTATE DEVELOPMENT TOUR

7 Tysons Corner

8 McLean Source: Dulles Corridor Metrorail Project, Virtual Fairfax

9 Capital One Expansion Source: Mancini, Duffy; Fairfax County Department of Planning and Zoning,Virtual Fairfax

10 Scotts Run Station Source: Cityline Partners, Fairfax County Department of Planning and Zoning, Virtual Fairfax

11 MITRE Campus MITRE 4 MITRE 5 Source: MITRE, Virtual Fairfax

12 Tysons Corner Source: Dulles Corridor Metrorail Project, Virtual Fairfax

13 Tysons Corner Center Source: CBRE

14 Corporate Office Centre at Tysons II Source: Lerner Enterprises, KPF, Diamond Property Company

15 Arbor Row Source: Fairfax County Department of Planning and Zoning, Virtual Fairfax

16 Tysons Overlook Source: MRP Realty, Virtual Fairfax

17 Greensboro Source: Dulles Corridor Metrorail Project, Virtual Fairfax

18 NV Commercial Source: Fairfax County Department of Planning and Zoning, Virtual Fairfax

19 Greensboro Place Source: SAIC, Fairfax County Department of Planning and Zoning, Virtual Fairfax

20 Spring Hill Source: Dulles Corridor Metrorail Project, Virtual Fairfax

21 Dominion Square Perseus at Spring Hill Metro Sunburst at Spring Hill Metro Source: Fairfax County Department of Planning and Zoning, Virtual Fairfax

22 Spring Hill Station Source: Georgelas Group, WDG

23 Tysons West Source: JBG Rosenfeld

24 Wiehle Reston East Source: Trevor Wrayton, VDOT; Virtual Fairfax

25 Reston Station Source: Murphy/Jahn, Comstock Partners, Virtual Fairfax.

26 Reston Spectrum Source: CMSS, Polleo Group, Virtual Fairfax

27 1760 Reston Parkway Redevelopment Source: Polleo Group, Virtual Fairfax

28 Reston Town Center Source: Beacon, Virtual Fairfax

29 Reston Gateway Sources: Boston Properties, Virtual Fairfax

30 Reston Heights Sources: Reston-Heights.com, WMCRP, JBG, Virtual Fairfax

31 Woodland Park Two Dulles Tower Woodland Towers Woodland Center Woodland Commons Source: Tishman Speyer, Virtual Fairfax

32 Arrowbrook Center Source: Carbon Thompson Development, Virtual Fairfax

33 Dulles Station Source: Crimson Partners, FCEDA

34 Dulles Rocks Source: NAIKLNB, BWH, Virtual Fairfax

35 Campus at Dulles Corner Source: Clark Realty Capital, Virtual Fairfax

36 Dulles Discovery Source: FCEDA, Wisniewski, Blair, and Associates, Virtual Fairfax

37 Looking Forward Demand for office space is expected to remain stable Vacancy rates are expected to rise Lease rates expected to increase slowly Overall commercial office development activity will increase New office deliveries will increase in the upcoming year The unknowns BRAC impact Federal Spending National and international economy New accounting standards

38 Fairfax County: "One of the great economic success stories of our time" -- Time Magazine