Planners for the submarket are pushing heavily for a work-live-play environment in Tyson's, which still remains largely a shopping and office destination, Ryan says. "Residential development is bound to grow dramatically in response to changing demographics and new zoning laws," he says. Tyson's Corner is projected to have 80,000 residents by 2040, from 17,000 today--numbers that developers cannot ignore.
Another important factor at play in this submarket is the pending approval of the Dulles Corridor Metrorail Project. The 23-mile extension of metro--to the Dulles International Airport--will have four stops in Tyson's. Ryan believes it will get final federal approval sometime in February with construction to be begin one month after that.
The market is also free of a heavy supply coming online, Ryan also notes. Indeed, there are only a handful of buildings under construction here, one of which is a build-to-suit for the federal government. The other two--Park Place II and 1850 Towers Crescent Drive--will be adding about 619,000 square feet of space into the submarket. But, given the growth drivers, this should be easily absorbed, he concludes.
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