Spotlight on Crystal City, VA
South of Downtown Washington, D.C. across the Potomac River, we find Crystal City, an Arlington County “urban village” lined by high-rise residential complexes, office buildings, towering hotels and a host of shops and restaurants. In transportation terms, Crystal City enjoys an advantageous situation, located a short car ride from Ronald Reagan Washington National Airport and the Virginia Railways Express Station, and also accessible via the yellow and blue lines of the Metropolitan Washington Metro Rail System, local expressways such as Jefferson Davis Highway, and the famous cyclist commuter lane, the Mount Vernon Trail.
Historically, Crystal City’s proximity to the nation’s capital has lent itself well to the establishment of large federal government tenants locally, e.g. the U.S. Department of Labor, the EPA, the U.S. Marshals Service all occupy a large swath of office space here. But more recently, Crystal City has undergone an economic transformation into a regional technology hub, attracting tech startups by creating a vibrant urban ecosystem of the future. The chief impetus here is Crystal City’s federal neighbor who has a host of technological needs and innovation demand that local startups focus on servicing. For instance, Sandboxx – a social network for veterans – moved from Greenwich, CT to be closer to the government. Likewise, 540.co’s business model is predicated on helping the Federal government reduce its technology costs via smart data management. Incubators and shared workspaces such as 1776, Eastern Foundry, Techshop, and WeWork – to name a few –
are forming the building blocks for a tech scene focused on tackling real world, nation-wide problems from health care and education to energy and transportation.
Besides the U.S. Departments of Defense, Labor, Justice, and State – which in aggregate employ over 45,000 people – Deloitte, Lockheed Martin, and the Virginia Hospital Center count among the major employers in Crystal City. This employment mix is in flux, as increasingly more technology and future-oriented employers are laying their claim here and the central government gradually relocates its workforce. This along with the Crystal City Business Improvement District’s commitment to local area amelioration will lead to an interesting and vibrant future for D.C.’s neighbor across the Potomac.
The featured properties in this month’s rent survey are local communities built between 2007 and 2010. Occupancy rates for the communities range from 95% to 97%, with an average of 96%. Average rental rates per square foot range from $2.56 to $2.95, with average unit sizes ranging from 544 to 1,384 square feet. Common area amenities include business and fitness centers, swimming pools, secured hall entry, clubhouses, and covered parking. Unit amenities include heightened ceilings, stainless steel appliances, washer/dryers, dual-pane windows, and granite countertops. Some of the communities allow pets for a small incremental pet rent.