Real estate lenders and equity investors gathered in D.C. to hear a panel on the evolution of Tysons led by Wendy Feldman Block and Kimberly Roth of Studley and Donna Shafer of Cityline Partners.
Over lunch, Feldman Block, Roth and Shafer provided an overview of the opportunities and challenges for Tysons as it undergoes a major makeover from an edge city to a 24/7 live/work/play environment. According to the presentation, total jobs (office and retail) in Tysons could reach 201,600 by 2050, a market similar in size to the Central Loop in Chicago, Boston’s Financial District, or the Houston CBD. Similarly, 2050 estimates suggest a residential population density greater than that of San Francisco and Boston in 2012.
Also noted during the discussion were the unique set of advantages that positions Tysons’ well for this type of urban transformation, including the confluence of major road networks and the impending opening of the metro. This infrastructure plus the demographics of the area (high income households; highly educated; skilled workforce) and regional market dynamics (price advantage over urban submarkets; large quantity of underutilized land) will play a large role in helping attract new businesses to the area.
The event was hosted by the D.C. chapter of The Real Estate Lenders Association (RELA) and held at the Johns Hopkins Carey Business School on November 21, 2013.