NORTHERN VIRGINIA PRIME PRODUCT ROSSLYN • TYSONS • RESTON WINTER • 2015 For more information contact: Revathi Greenwood Director, Research and Analysis +1 202 585 5662
[email protected] Connor Wilson Research Coordinator +1 703 288 2577
[email protected] John Groce Research Coordinator +1 202 585 5615
[email protected] CBRE 750 9th Street, NW 1861 International Drive Suite 900 Suite 300 Washington, DC 20001 McLean, VA 22102 © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist. 2 | CBRE RESEARCH OVERVIEW The “flight to quality” narrative is well established in Northern Virginia with prime, well-located assets outperforming the rest of the market on key leasing metrics. However, the definition of quality varies by submarket. This report by CBRE Research explores the key markers that define quality from a leasing perspective in the submarkets of Rosslyn, Tysons, and Reston. Rosslyn’s views of Washington, D.C., Tyson’s new metro accessibility, and Reston’s 24/7 environment in the town center, drive leasing in a prime subset of buildings. ROSSLYN TYSONS RESTON Office Inventory 9.5 26.2 18.3 (MSF) Metro Lines 3 1 1 - McLean - Wiehle-Reston East - Tysons Corner Metro Stations - Rosslyn - Reston Town Center - Greensboro (planned for 2020) - Spring Hill Residents with a college degree 83% 72% 68% or higher Walk score 88 49 36 (/100) Population between 42% 16% 13% 25 and 34 - Metrorail and mall walkability - Prime views of Washington, D.C.