The current state of Arlington’s economy — recession and all — would make most other jurisdictions jealous, even during good years. And the county’s director of economic development sees even better times ahead.
“Arlington is still a highly attractive market,” Terry Holzheimer, the head of the county’s Arlington Economic Development (AED) office, told a gathering of developers, real estate brokers and business leaders this morning.
Citing a new AED study, Holzheimer said he expects job growth to continue (Arlington was the only local community with significant job growth from 2007 to 2009), residential and commercial rents to rise, and development to soldier on, eventually.
“Arlington is not built out by any stretch of the imagination… we have a lot more to build,” especially when the commercial lending markets clear out, Holzheimer said.
Holzheimer expects a lull in new construction over the next couple of years, since projects currently in the development pipeline have stalled due to a lack of financing. He does not expect the financing issues, which have been plaguing the entire economy, to be fixed this year.
Counting both residential and commercial development, 24 projects are currently under construction or beginning construction this year. 32 projects have been approved and are awaiting financing or site plan changes. 13 projects are in the review stage.
Among the projects waiting to be built is 1812 North Moore, a planned 35-story office tower in Rosslyn that would be the tallest building in the Washington area.
Holzheimer thinks the development lag may cause rents and real estate prices to rise significantly once the bull market returns, since growth in the demand for office space and housing will likely outpace the construction of new buildings.
That demand will be fueled by job growth, Holzheimer said. Arlington’s unemployment rate has peaked at a remarkably low 4 percent, and will likely fall thanks to Uncle Sam.
“Arlington will continue to see job growth, especially federal agency job growth, which will be the key to our economy,” Holzheimer said.
One area of weakness Holzheimer sees is condominium development.
“The condo market is totally dead,” Holzheimer said, adding that new Federal Housing Administration rules for underwriting mortgages will make it tougher for people to buy, sell and refinance condominiums.
AED’s study found that Arlington has the lowest office vacancy rate and the lowest average occupancy cost of any DC-area commercial district.
The study also noted that Arlington County has more square feet of private office space, and a lower vacancy rate, than the central business districts of Los Angeles, Dallas, Denver, Minneapolis, and Seattle. Arlington has roughly twice the office space of downtown Atlanta and a third the vacancy rate.
More photos from Monday morning’s Arlington Real Estate Review and Forecast event, below.
I-395 Ramp Closure — “Beginning at 5 a.m. Friday, Dec. 1, weather permitting, the ramp from southbound I-395 to eastbound Boundary Channel Drive (Exit 9/Clark Street) and the eastbound Boundary…
Fully updated; remodeled Bas; open family room w/vaulted ceiling; 1-car garage
Good Thursday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
A look at the smallest and largest homes sold in Arlington last month, October 2023.
Children’s Weekday Program (CWP) is a non-profit preschool rooted in a play-based philosophy. We focus on developing a love of learning and exploration, cooperation, empathy, and independence.
Our caring and experienced educators create opportunities for children 16 months to 5 years old to play, learn, and grow in a nurturing environment of child-centered and developmentally appropriate experiences.
Initially established more than 50 years ago in South Arlington, CWP continues to be a lauded program in the Northern Virginia area. We are extremely proud to have been recognized as a Best Preschool in Northern Virginia Magazine for the last 4 years.
Located now in North Arlington at 2666 Military Road, CWP offers a part-time parents day out and preschool program with options to extend care both before and after school. We offer a supportive and inclusive school community for children and parents alike and welcome all families to join our school!
The Optimist Club of Arlington is holding its 77th annual Christmas tree sale!
This year, the tree sale will be held at the Knights of Columbus (5115 Little Falls Road). The lot opens for sales on November 24th. The Optimist Club is selling small and large trees ranging from tabletop size to 10 foot tall trees! Wreaths, garland, tree stands, and White House Christmas ornaments will also be for sale.
100% of all proceeds go towards helping Arlington County youth.
For more information, please visit the Arlington Optimists website at https://optimistclubofarlingtonva.org/.
Holiday Art Show featuring artists: Peter Fitzgerald, Claire Plante, Alanna Rivera, and Suzy Scollon. At the Barcroft Community House, 800 South Buchanan St., Arlington, VA. Dec. 8 from, 2 PM to 8 PM and Dec. 9 from 10 AM to
2023 Christmas Tree Sales Begin
Saturday, December 2
Get your holiday decorating off to the right start this year! We will be selling 150 Fraser firs, freshly cut and delivered from Sparta, North Carolina.