If Tysons wins office tenants, which market loses? Washington Post, July 19, 2010

By Jonathan O'Connelll
Monday, July 19, 2010

If commercial real estate in an evolving, soon-to-be Metro-accessible Tysons Corner begins to win office tenants, which other local markets will lose out?

Tysons real estate is still cheaper than that in most Northern Virginia areas that already have Metro. Asking lease rates for Class A office space in Tysons averaged $33.37 per square foot in the second quarter, well below Eisenhower Avenue ($38.57), Crystal City ($39.17) and anything in the Rosslyn-Ballston corridor ($39-$45), according to CB Richard Ellis.

But experts say it isn't the closer-in Metro suburbs -- or locations in Maryland and D.C. -- that will be losing out if Tysons begins landing more deals, it's the other neighborhood markets in Fairfax County.

Reston is at the top of the list of Tysons competitors, experts say. The submarket features a walkable, urban design, also has Metro coming and at about $29 per square foot is cheaper than Tysons. Reston filled about 200,000 square feet in the first half of 2010, besting Tysons's 175,000 square feet, according to Scott Homa, Jones Lang LaSalle's research manager. Homa said Reston and Merrifield, another Fairfax County neighborhood, have the most to lose when Tysons wins. . . .

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