It is definitely a tenant’s market in Northern Virginia, according to a new report from commercial real estate firm Studley. Overall leasing activity in the first quarter of 2014 declined by 3.9% relative to the fourth quarter of 2013. This would put leasing activity at its lowest rate since 2011. The driver behind this decline comes from the federal government shrinking its footprint as a result of budget cuts coupled with federal contractors also decreasing their space needs. (more…)
The shuttered site of the Williamsburg Outlet Mall — which was closed in December 2013 — is getting a new lease on life. Developers are planning to redevelop the outlet mall into a new retail center. The shopping center, which will be known as Lightfoot Marketplace, will be anchored by a Harris Teeter grocery story and Walgreens. In addition to the anchor tenants, an additional 53,000 square feet of retail and restaurant space is expected.
Economic development officials in Henrico County got some good news this week when French company Teleperformance announced that it would be taking over the former headquarters site of Allianz Global Assistance USA at 2805 N. Parham Road. The company plans on investing about $3.5 million to equip the building which will eventually hold up to 700 call center employees. Right now, Teleperformance will occupy 50,000 square feet of space. (more…)
The residential real estate market in Virginia is showing improved signs of life around the state and one of the most recent areas returning from sluggishness is Loudoun County. The county has become the fastest growing in the state and the home market is once again showing signs of life, particularly for townhomes. Although overall numbers for the first quarter of 2014 remained mixed, which could be attributed to the harsh winter weather, townhomes in Loudoun have been especially strong. The median price for townhomes in the county reached $387,500 in the first quarter, up almost 3% from the previous quarter. This price also represents an increase of 7.9% from the same time period in 2013. Sales of townhomes were even stronger in March 2014. This trend toward townhomes highlights the continuing shift in buyer preferences to smaller homes in more mixed-use settings. This demand for townhomes is juxtaposed by the decreased interest for single family detached homes. Single family home sales in Loudoun dropped 12.8% in the first quarter of 2014 compared to the previous year despite in the 11% increase in inventory.
Arlington County has seen a great deal of growth over the past 15 years. As the Washington, D.C. area workforce has expanded and more young professionals flock to the area, major stretches of Arlington have benefited. The Rosslyn-Ballston corridor has been especially lucrative as more and more developers create high-rise condominium, apartment, and office towers along that corridor. New developments also drive up property values which can result in a lack of affordable housing options. County officials have been working on this problem for the past several years and a recent deal will add about 200 new affordable units into the market. (more…)