In the following Altus Group podcast interview, Ross Litkenhous, Vice President, Strategic Development at Altus Group, speaks with Jair Lynch, President and CEO of Jair Lynch Real Estate Partners, about the challenges and opportunities of developing new submarkets in the D.C. region.
In the D.C. region, some of the most successful real estate development has been driven by making regions Metro-accessible and walkable, which typically sparks the creation of communities where people want to live and work.
While the Tysons region is on track to be a submarket that can achieve this vision, there are many Class B office buildings that are aging and declining in value. As a result, much of the supply and demand fundamentals have been challenged, leaving major developers to consider what to do next with these properties.
For developers like Jair Lynch Real Estate Partners, clearly thinking through the economic execution of a development, and understanding what kinds of investments are needed to create viable submarkets are critical. A core part of development success is also having the right infrastructure by making Metro work effectively in all three jurisdictions. This ultimately helps make submarkets attractive to Millennials and seniors who want to call these areas home.
Other key highlights from this podcast interview:
- How and why Jair Lynch Real Estate Partners tracks entitlements, and how they impact the long-term viability of submarkets. (:25)
- The types of opportunities that Jair Lynch seeks out – with regards to Class B properties in Tysons – and the economic planning needed to drive effective new development overall. (5:00)
- What makes a submarket outside of downtown Washington, D.C. truly viable and successful. (8:52)
- Discussion about a city-owned site in Falls Church, Virginia, to be a walkable, urban-like destination. (10:28)
- Why making Metro truly work in the D.C. region is vital to economic growth. (12:49)
This podcast is part of the CRE Insider Podcast Series hosted by Ross Litkenhous.