Arlington is “still sorting through the mess” of the BRAC closures that have boosted office vacancy rates, an Arlington representative told hundreds of Northern Virginia commercial real estate developers today.
Arlington, like other communities in the D.C. area, is experiencing weakness in the office market. The high office vacancy rate is exacerbated by new office buildings coming on the market and certain large employers (including military offices impacted by BRAC) leaving.
To combat that, Arlington is considering options providing certain incentives to attract new businesses and hang on to existing employers.
“We’re aggressively planning for the future,” Alex Iams, a commercial development specialist with Arlington Economic Development, told members of NAIOP, an association for commercial real estate developers.
“[BRAC] is still a four-letter word in Arlington for certain,” he said. “We did an aggressive plan for Crystal City, we’ve done planning along Columbia Pike. We have done planning for BRAC in Rosslyn as well, so we’re not only doing planning for the future, but now we’re aggressively positioning ourselves to hold on to what we have.”
Iams was one-fifth of a panel with the directors of economic development from Alexandria as well as Fairfax, Loudoun and Prince William counties. He told ARLnow.com that Arlington is considering tax incentives and other methods to try to encourage businesses to grow — and, just as importantly, stay — in Arlington.
“We’re trying to structure a policy on how to address office vacancy,” he said. “We haven’t done it yet, but you can expect to see it at the end of the season.”
With the delivery of the 35-story 1812 N. Moore Street last fall, Iams said Arlington’s office vacancy rate is now hovering around 20 percent, the highest it’s been in nearly a decade. Iams said projects like Monday Properties’ skyscraper, which is still unoccupied after being built “on spec” are “suffering the most, because it’s so much space all at once.”
Iams pointed to the success at 1776 Wilson Blvd, a five-story office building at the intersection of N. Quinn Street. It opened in winter of 2012 and is about 85 percent leased, he said.
What Arlington can do to solve its vacancy rate, Iams said, is to follow Vornado’s example in Crystal City when the first wave of BRAC closures saw the U.S. Patent and Trademark Office move to Alexandria.
“Vornado didn’t just sit on their hands,” Iams said. “There was an adaptation with rents and an increase in amenities nearby, and they transformed Crystal Drive into a retail center.”
Iams also cited Kettler Capitals Iceplex, Penrose Square and the Village at Shirlington as examples of “placemaking” the county has partnered with private businesses on to make specific areas more attractive to employees and residents.
The other economic development leaders lamented the lack of demand for office space while demand for residential units all over Northern Virginia is exploding, creating a tricky regulatory line to walk to ensure balance. Iams said Arlington, despite its vacancy rate, still sees demand for office development.
“We’re getting questions from our board and our community about approving more office space,” he said. “The office market also works in cycles, and we want different kinds of products available to be able to deploy when a certain company or tenant may be searching in our market.”
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Synetic Theater Camps are a wildly fun, highly accessible choice for young people who love moving, playing games, and making memories. Registration is open now for Summer Camps (sessions June 20-August 25) and there are even a few spots left for Spring Break camp, April 3-7.
Located in National Landing, these performance-based camps are designed for students of all ages – no theater or performance experience required.
Led by professional teaching artists, campers learn acting, movement, and technical theater skills through the lens of Physical Theater. Physical Theater incorporates acting, movement, dance, mime, and acrobatics. If you’ve seen a Cirque du Soleil performance, you’ll find many similarities.
Most first-time campers are new to the performing arts, and teaching artists are well-versed in engaging students at all levels. Parents and campers report that one of the best parts of Synetic is the community, with many families returning year after year because they feel a strong sense of belonging.
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
“Since the nature of our business being exclusively remote, we take HIPAA compliance very seriously. With the help of Compliancy Group, we are able to take steps to fortify our systems to protect PHI information and familiarize each employee about HIPAA and how we can further safeguard PHI data.” said EDBS Dental Billing Solutions founder Goldie De Leon.
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
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District 27 Toastmasters 2023 Virtual Conference
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