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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.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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