The amount of development in Tysons over the past ten years has been staggering. It is already the 12th largest commercial market in the country with tens of millions of square feet under construction, both approved and in the pipeline.
The vision is to create a pedestrian friendly city with parks, a city street grid, street-level storefronts and a thriving, engaged population. The developments that have begun or are in the pipeline aim to do just that. The goal by 2050 is for Tysons to become a walkable, green urban center. The prediction is that Tysons will house 100,000 residents and offer 200,000 jobs in that year.
What will it take to move the needle from the planned city of dreams into a real, cohesive, and charming city with a soul and sense of space?
On Wednesday, January 17th, Ross Litkenhous, Vice President – Strategic Development at Altus Group, moderated the 5th Annual Tysons Real Estate Breakfast Panel, that highlighted the vested and diverse interests in making this vision a reality.
Each panelist more than lived up to this year’s theme, “Tysons Rising – The Ambitious Transformation of Tysons, Virginia,” by discussing the current state of this long-term plan — from the enormous imbalance between residential and office space to the vision and leadership needed to put Tysons fully on the map.
The event featured insights from leading real estate experts:
- Will Rich, President, Delta Associates
- Matt Robinson, Principal, MRP Realty
- Donna Shafer, Managing Director, Cityline Partners
- Sol Glasner, President & CEO, Tysons Partnership
Ross kicked off the event by putting the scale of Tysons into an astounding perspective:
- Currently, billions of dollars of real estate market value in the Tysons market
- Existing office space of 28 million square feet is larger than the entire Charleston, South Carolina office market
- The office space under construction is almost 10% more than what is under construction in the city of Memphis
- There are an additional 25,000 multi-family residential units in the pipeline, roughly double what’s planned in San Francisco right now
With the vision for “Tysons Rising” coming into place, there are challenges, however. Without robust governance and resources, Tysons could fall victim to its own success due to the rapid pace of development. It is going to take a leadership directive to create an iconic city with all the expected amenities.
Despite these challenges, the ambitious transformation of Tysons literally has no comparison. Our panelist’s insights showed how passionate and bullish the parties directly involved are about how the region will continue to rise.
We would like to thank our panelists and guests for making our 5th Annual Tysons Real Estate Breakfast Panel another success and for driving the momentum into 2018, and beyond. As always, our team will continue to report on the real estate trends in the Tysons region for years to come.