What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
Arlington and Alexandria Don't Have Enough New Condos for HQ2
While a recent apartment report for the region quells some concern about how the area rental market can accommodate the anticipated influx of Amazon employees, a new condo report reveals some shortcomings in the pipeline.
"Despite a recent trend toward developing larger projects over 100 units, a shortage of new product remains and will be acutely evident over the next several years as demand grows for condominium housing by the HQ2 workforce, especially in Northern Virginia," the latest Delta Associates report states.
story continues belowloading...
story continues above
The report concludes that demand from HQ2 employees is expected to hit roughly 2,900 new condos by 2030 and up to 4,400 units by 2034; 78 percent of this demand will be concentrated in northern Virginia, particularly in Alexandria and in Arlington and Fairfax Counties.
More specifically, HQ2 employees will be on the hunt for 1,200-1,800 condos in Arlington County and 450-700 condos in Alexandria, but there are only 950 and 300 units in the respective pipelines of those jurisdictions. Resold condos will not be able to compensate for this shortfall if the levels of resale supply continue on their current trajectory.
Of the 6,098 new condo units in the 36-month pipeline for the region, 47 percent are located in DC proper compared to 36 percent in northern Virginia. Overall, while the regionwide condo market appears balanced, there will be more demand than supply in northern Virginia and suburban Maryland over the next 36 months, and more supply than demand in the District.
See other articles related to: amazon hq2, amazon hq2 real estate effect, amazon second headquarters, arlington condos, delta associates, new condo market
This article originally published at https://dc.urbanturf.com/articles/blog/arlington-and-alexandria-new-condo-pipeline-undersupplied-for-hq2/15265.
Most Popular... This Week • Last 30 Days • Ever
New renderings show the public space that will be part of the huge new residential de... read »
Several large projects are in the works across the Potomac in Rosslyn while others ha... read »
As Los Angeles looks to implement a "mansion tax" on April 1, UrbanTurf decided to ta... read »
In this week's edition of Above Asking, we highlight a home in Mount Pleasant that so... read »
The 2023 Home Buyers and Sellers Generational Trends report out today found that bab... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
- The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn
- A Closer Look at the Mansion Tax
- 12 Offers, $273,000 Above Asking in Mount Pleasant
- Baby Boomers Pass Millennials As Largest Generation of Homebuyers, Per Report
- Whole Foods at Walter Reed To Open This Summer
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro