JLL: New Construction Parking Ratios Along Silver Line At All-Time Lows
Tysons and the Toll Road, in particular, have witnessed the most dramatic drop.
WASHINGTON, DC–JLL reports that average parking ratios at new construction along Northern Virginia’s Silver Line corridor are reaching all-time lows as the area increasingly shifts shift toward transit-oriented development.
Tysons and the Toll Road, in particular, have witnessed the most dramatic drop, JLL said, reporting that in the Toll Road, 39% of Reston and Herndon’s total supply delivered across only five years, from 1998 through 2002, with an average parking ratio of 3.5:1,000. Fast forward to 2017 and 1900 Reston Metro Plaza, the Toll Road’s first new building since 2010, opened next to the Wiehle-Reston East station with a parking ratio of 2.4:1,000, a 31% drop.
In Tysons, 40% of supply delivered from 1984-1990, with an average parking ratio of 3.4:1,000. Since 2010, however, the average parking ratio for the 1.3 million square feet of new construction is 2.2:1,000, a 35% drop, with 100% of the recent deliveries and current construction occurring within half a mile of Metro.
Looking ahead, several trends will further fine-tune parking ratios, JLL said. These include:
Metro ridership: While overall Metro ridership within Northern Virginia fell slightly by 2% from Q1 2017 to Q1 2018, ridership in Tysons and Reston increased 3%, with the Greensboro (+10%) and Tysons Corner (+6%) stations posting the biggest gains
Driving habits: In 2010, 83% of workers in Fairfax County drove to work, down to 81% by 2016. The added density of new developments around Metro, particularly in Tysons and Reston, is poised to add traffic to already congested micromarkets when projects deliver ahead, likely fueling a greater shift to Metro as the market urbanizes.