Silver Line opening has added nearly 900,000 square feet of occupancy to Tysons office market
The opening of the Silver Line Metro last year already has added nearly 900,000 square feet of occupancy to Tyson’s office tenant base, according to new research analysis from JLL.
Since 2014, migration from other submarkets and expansions have totaled 898,328 square feet, the company said. All but one of these deals has been in Class A buildings, showing a consistent flight-to-quality trend throughout the market.
According to JLL, the first wave of commercial office tenants migrated to Northern Virginia’s new urban center last year, including Intelsat, Alarm.com, Kiewit and Splunk. They joined Capital One, which is expanding its presence by building a 975,000-square-foot headquarters building near the new McLean Metro Station. Capital One also is searching for 70,000 square feet of additional space in the market.
“These companies moved at the right time to take advantage of all the transportation benefits, new building technologies and amenities, and the operational efficiencies that come with a move and new office space here in Tysons,” Dean Stiles, a senior vice president at JLL who focuses on tenant representation in the Washington, D.C. metropolitan area, said in a statement.
“The addition of public transportation, the 495 Express Lanes and future improvements like the Jones Branch overpass — combined with Tyson’s pro-business governance and excellent public services — have made this market quite competitive and will all help to push Tysons towards being a Top 10 Central Business District.”
Future office migrations to Tysons include Reed Smith and Washington Gas, with the Pentagon Federal Credit Union relocation still pending, according to JLL.
Stiles says the momentum in market activity will continue with other new office deliveries like Lerner Enterprises at 1775 Tysons Blvd.