Legacy Leesburg Market Assessment
EXECUTIVE SUMMARY LEESBURG TOWN PLAN MARKET ASSESSMENT INTRODUCTION This Market Assessment was conducted to inform Leesburg’s update of its Town Plan. It quantifies demand for housing, retail, office, light industrial and hotel from 2020 to 2040. This Market Assessment has relied on forecasts prepared by the Metropolitan Washington Council of Governments (Round 9.1) and the Market Analysis for Envision Loudoun, Loudoun County’s new comprehensive plan. SUMMARY OF CONCLUSIONS Table 1 Land Use Forecasts Leesburg Planning Area 2020 to 2040 MWCOG Round 9.1 Based Market-Based Residential Dwelling Units Single Family Detached 1,340 2,640 Single Family Attached 2,130 4,620 Multi-Family 1,690 2,690 Total 5,160 9,950 Sq Ft Employment Sq Ft Employment Office /1 957,300 4,034 1,022,400 4,368 Light Industrial Flex and Data Center /2 1,178,900 1,725 2,087,800 2,438 Hotel 486 Rooms 292 440 Rooms 264 Retail /3 768,900 2,043 1,035,000 2,809 1. The Market-Based forecast was modified upwards due to the Microsoft land purchase at Compass Creek. 2. The Market-Based forecast assumes that the Leesburg Planning Area captures 85% of Town and Rural Policy Area's light industrial and data center potential. 3. The Market-Based scenario was modified to take into consideration market leakage and same store productivity growth. Source: W-ZHA Leesburg is in a very strong market where, for many land uses, demand is outpacing supply. Leesburg’s planning challenge is not lack of market, but, instead, harnessing growth in a manner that enhances resident quality of life and creates a strong and sustainable local economy.
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