Spotlight on Tysons Corner, VA
Tysons Corner, also known as Tysons, is an area in Northern Virginia that has served as a city center for Fairfax County. With more than 46 million square feet of office and retail development, this auto-oriented edge city is well on its way to achieving its own critical mass. The community has attracted a number of Fortune 500 headquarters including Booz Allen Hamilton, Capital One Financial, Freddie Mac, Gannett Corporation, ITT Exelis, Hilton Worldwide, Octagon, Primus Telecom, and SAIC. The area enjoys a low unemployment rate of 3.6% and average household income of $121,032.
Bounded by the Capital Beltway, McLean, and Vienna, Tysons has seen tremendous growth in the past. Being only 12 miles from the Capitol in Washington, D.C. and 16 miles away from Dulles International Airport, the area benefited from a flourishing defense contracting arena. This sustained demand has continued with the rise of information technology and more recently the promise of greater accessibility. The Fairfax County Board of Supervisors has begun a 40-year urbanization plan to transform the area into a high density urban center by 2050. The plan calls for construction of transportation infrastructure projects and a city grid system focused around the four new silver line Metro stations. Immense projects such as The Meridian Group’s The Boro, will create 266,000 square feet of retail, 2,300 residential units, and 2 million square feet of office space, all within walking distance of the Greensboro Metro station. Dominion Square, a project near Spring Hill Metro station will be comprised of 8.7 million square feet of office, retail, and residential space. The introduction of these mixed-use projects is critical to the area’s transformation from an office park setting to 24/7 urban centers.
Since the opening of the Phase 1 Metrorail Silver line extension, Tysons Corner has continued to see staggering growth. Construction cranes dot the skyline as the development of multiple high rise apartment towers, commercial buildings, and mixed-use projects are well underway. Tysons is the largest edge city in the United States with 48 million square feet of space laid out over 2,400 acres. Pedestrian infrastructure is progressing with 28 of 40 Fairfax County approved walking and biking projects yet to be completed, which will supplement the walkable urban spaces coming online in the coming years.
The featured properties in this month’s rent comparable survey represent six communities surrounding the Tysons area, built between 1980 and 2015. Occupancy rates for the featured communities range from 79.8% for the newest Class A Vita Tysons Corner Center Apartments to 99.5% for the Class B Eaves by Avalon Bay. Average rental rates range from $1.81 to $3.13 per square foot with average unit sizes ranging from 877 to 1,188 square feet. The communities feature common area amenities such as swimming pools, cookout areas, fitness centers, business centers, and clubhouses. Additional high-end amenities offered at newer communities include landscaped terraces, rooftop pools, electric car charging stations, and other green living comforts. Typical unit amenities feature high ceilings, quartz and granite countertops, washer/dryers, stainless steel appliances, and private balconies or patios. Residents pay application fees of $50 and post security deposits from $300 up to one month’s rent. All communities are pet friendly and accept non-refundable pet deposits that are typically $300 to $500, and monthly pet rents of $50.