Paid Parking Is Influencing Tysons' Asking Rents

Sandy Paul

TYSONS, VA–Last year Boston Properties began charging for parking at Reston Town Center after it had been free for 26 years. A few months later the REIT was sued by a restaurant in the project on the grounds that the paid parking violated its lease and had damaged its business. The restaurant won a preliminary injunction but by this time Boston Properties had relented — other businesses in Reston Town Center were also angry about the paid parking — and narrowed the window for the fees to weekday afternoons.

Introducing paid parking into a market that had been used to free parking is clearly a fraught issue — and one that has been spreading to the Tysons submarket ever since the arrival of the Silver Line, according to a new white paper by Newmark Knight Frank.