PowerPoint Presentation - Arlington Economic Development by yurtgc548

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									Arlington Economic Development
Arlington Economic Development
Employment, 2000-2005
 Arlington, VA

                           Covered Employment
                            Job Gain            Northern    Job Gain
Year*         Arlington       or Loss            Virginia     or Loss
2005            153,673        -1,583           1,222,275      40,297
2004            155,256         5,924           1,181,978      48,083
2003            149,332        -4,500           1,133,895       9,038
2002            153,832        -8,331           1,124,857     -17,995
2001            162,163         4,929           1,142,852      35,233
2000            157,234         6,760           1,107,619      65,742

Notes: *2nd quarter data for all years
Source: Virginia Employment Commission, ES202




                                                  Arlington Economic Development
Unemployment, 2000-2005
Arlington, VA


Year              Arlington         Northern Virginia
2005*                   2.1%                    2.1%
2004                    2.6%                    2.7%
2003                    2.9%                    3.1%
2002                    3.1%                    3.3%
2001                    2.4%                    2.5%
2000                    1.6%                    1.6%

Notes: *December Data
Source: Virginia Employment Commission




                                           Arlington Economic Development
Average Household Income, 2005
Washington Metro Area


Jurisdiction                       2005 (Est.)             2010 (Proj.)
Fairfax County                       $130,000                 $147,700
Montgomery County                    $128,300                 $146,700
Arlington County                     $124,900                 $145,600
Loudoun County                       $119,100                 $136,900
City of Alexandria                   $115,700                 $133,500
Prince William County                    $95,600              $109,200
Frederick County                         $93,400              $109,200
District of Columbia                     $91,900              $106,600
Prince George's County                   $83,900                $94,800
U.S. Average                             $64,800                $73,200


Source: Claritas, Inc; Trendlines 2006
                                                   Arlington Economic Development
Total Federal Procurement, 1999-2004
                        Washington
                   Metropolitan Area                     Arlington     Percent of
Fiscal Year                  (000's $)                    (000's $)    Metro Area
2004                       $52,750,362                  $5,220,181           10.2%
2003                       $44,237,124                  $4,762,878           10.8%
2002                       $37,320,132                  $3,807,073           10.2%
2001                       $32,333,085                  $3,163,259            9.8%
2000                       $29,231,792                  $2,659,125            9.1%
1999                       $26,239,038                  $2,403,252            9.2%

Source: US Department of Commerce, Consolidated Federal Funds Report




                                                          Arlington Economic Development
Principal Private Employers, 2006
Arlington, VA
Company Name                             Employees
Virginia Hospital Center                     1,991
Verizon                                      1,850
SAIC                                         1,689
Marriott International, Inc.                 1,680
US Airways                                   1,466
Lockheed Martin Corp                         1,300
CACI                                         1,085
Hecht Company                                1,027
SRA International, Inc.                        910
Booz Allen Hamilton                            870
Marymount University                           645
Friedman, Billings, Ramsey Group               638
Nordstrom                                      627
The Boeing Company                             592
Computer Sciences Corp                         580
Anteon Corp                                    563
Watson Wyatt Worldwide                         535
NRECA                                          525
Hyatt                                          442
E*TRADE Financial                              440
Nature Conservancy                             410
Qwest                                          407
Pearson                                        400
Source: Arlington Economic Development
                                                     Arlington Economic Development
Washington National Airport
Operations, 1998 - 2005
                    Total Passenger
Year                          Traffic         Annual Change
2005                      17,847,887               1,904,028
2004                      15,943,859               1,720,736
2003                      14,223,123               1,341,522
2002                      12,881,601                (384,022)
2001                      13,265,623              (2,622,576)
2000                      15,888,199               2,622,576
1999                      15,185,348                (702,851)
1998                      15,970,000                 784,652

Source: Metropolitan Washington Airports Authority




                                                     Arlington Economic Development
Hotel Daily Rates and Average
Occupancy, 2001 - 2005
Arlington, VA

Year                      Occupancy Average Daily Rate
2005                          74.5%           $140.17
2004                          73.1%           $127.05
2003                          68.0%           $121.60
2002                          67.7%           $121.76
2001                          69.3%           $119.64
2000                          73.7%           $119.24

Source: Metropolitan Washington Airports Authority




                                                     Arlington Economic Development
 Hotel Occupancy by Month, 2001-2005
 Arlington, VA


90%


80%


70%


60%


50%


40%
      Jan Feb Mar Apr May Jun        Jul   Aug Sep Oct Nov Dec

              2001      2002       2003      2004      2005


  Sources: Smith Travel Research and Arlington COR
                                              Arlington Economic Development
 Hotel Daily Rates by Month, 2001-2005
 Arlington, VA

$160



$145



$130



$115



$100
       Jan Feb Mar Apr May Jun        Jul Aug Sep Oct Nov Dec

               2001       2002      2003      2004      2005


   Sources: Smith Travel Research and Arlington COR
                                               Arlington Economic Development
Retail Sales, 1997-2005
Arlington, VA


Year        Taxable Sales        Annual Change
2005*      $2,705,000,000                     4.6%
2004       $2,585,409,935                     6.7%
2003       $2,422,147,119                     6.5%
2002       $2,273,461,703                    -0.4%
2001       $2,283,125,622                    -2.4%
2000       $2,338,713,951                     1.3%
1999       $2,233,586,428                    -0.3%
1998       $2,192,849,331                     4.0%
1997       $2,075,958,502                     2.8%

Notes: * AED Estimate
Source: Virginia Department of Taxation




                                          Arlington Economic Development
Arlington Economic Development
Office Availability by Regional Submarket,
2006

                                  Total Space      Available
Submarket                       Inventory (SF)    Space (SF)       Vacant
RB Corridor                         20,077,783     2,095,525         5.7%
CBD                                 38,144,407     3,465,269         5.7%
Bethesda/Chevy Chase                11,363,148     1,010,427         7.5%
Reston                              16,693,611     2,316,209         9.9%
Tyson's Corner                      25,960,940     3,682,600        10.5%

Source: CoStar, February 2006




                                                 Arlington Economic Development
Office Availability by Arlington Submarket,
2006

                               Total Space      Available
Submarket                         Inventory    Space (SF)       Vacant
Pentagon City                      1,452,050            0         0.0%
Virginia Square                      927,292       48,279         2.0%
Clarendon/Courthouse               4,846,225      654,602         4.3%
Rosslyn                            7,938,465      825,232         5.2%
Ballston                           6,365,801      567,412         8.0%
Crystal City                     10,658,749     2,777,805        14.9%


Source: CoStar February 2006




                                                Arlington Economic Development
Major Office Projects Completed, 2003-2005
Arlington, VA
                                                    Office Space (SF)
Project                       Submarket         2003        2004         2005
Arlington Gateway             Ballston                               312,550
Ballston Point                Ballston       260,601
Liberty Center - Phase I      Ballston                               328,740
The Hartford                  Clarendon      207,125
Navy League                   Courthouse                             196,181
2300 N. Pershing Dr.          Courthouse                  33,000
Ballston Gateway              Virginia Square 122,904
Virginia Hospital Center      Other                     300,000
Total                                         590,630   333,000      837,471

Source: Arlington Economic Development


                                                   Arlington Economic Development
Major Nonresidential Projects Under
Construction, 2006
Arlington VA

Project                                  Submarket           Office*   Retail*   Hotel**        Other*
4401 Wilson Boulevard                    Ballston            248,401    12,000
Arlington Ice Skating Center             Ballston             19,986                        122,000
The Regent                               Ballston            248,962    14,401
Liberty Center 2                         Ballston            175,614     8,600
Westin Hotel                             Ballston                                    336        10,000
Station Square at Clarendon              Clarendon           64,545     21,515
The Phoenix at Clarendon Metro           Clarendon           74,475     13,650                  39,900
One Potomac Yard                         Crystal City        635,919     8,489                   3,351
Waterview                                Rosslyn             623,176     7,510       160
FDIC Phase 2 Office                      Virginia Square     410,364     5,108
GMU Foundation Office                    Virginia Square     192,448    13,275
Total                                                      2,693,890   104,548       496    175,251
*square feet **rooms
Source: Arlington Economic Development




                                                               Arlington Economic Development
Net Office Absorption, 2005

Firm                   Arlington                 NOVA
Cassidy & Pinkard      1,155,269              3,919,801
CoStar                   839,337              5,961,998
Cushman & Wakefield      841,164              4,914,171
Grubb & Ellis            971,387              5,826,606
Jones Lang LaSalle       921,182              4,740,000
Trammell Crow          1,425,293              5,804,143
Transwestern CW        2,300,000              4,586,000

Source: Realty Firms




                                   Arlington Economic Development
Major Office Sales, 2005
Arlington, VA



Address                                   Sale Price      Price per SF
1801 North Lynn Street                  $190,000,000              $560
950 N. Glebe Road                       $112,000,000              $448
4121 N. Wilson Blvd                      $73,500,000              $420
901 N. Glebe Road                       $125,500,000              $386
1655 Fort Myer Drive                     $61,625,000              $369
4200 Wilson Blvd                         $61,500,000              $354
4401 Fairfax Drive                       $41,500,000              $347
"Arlington Portfolio" (10 buildings)    $960,000,000              $343
2900 S Quincy Street                     $68,748,230              $336
901 North Stuart Street                  $60,200,000              $270
1001 N. Fairfax Street                   $22,750,000              $197
Total/Average                          $1,777,323,230             $366

Sources: Costar, Cassidy and Pinkard

                                             Arlington Economic Development
Major Private Leases, 2005
Arlington, VA

                                                                     Square
Firm                                Submarket                       Footage
TKC Communications                  Crystal City                     211,164
KBR1                                Crystal City                     155,000
The Boeing Company                  Crystal City                     113,909
Lockheed Martin                     Crystal City                      93,632
The Boeing Company                  Crystal City                      86,881
Maden Tech Consulting Inc.          Clarendon/Courthouse              77,388
Integrated Coast Guard Systems, LLC Rosslyn                           64,658
DMJM & Harris Inc                   Clarendon/Courthouse              63,002
Interstate Hotels and Resorts       Ballston                          58,534
Unisys Corporation                  Pentagon City                     53,873
Accenture                           Rosslyn                           48,004
Stanley Associates, Inc.            Clarendon/Courthouse              45,000
Total                                                              1,071,045

Source: CoStar


                                          Arlington Economic Development
Office Market Rent Comparisons,
2006
                                 Average Full Service
                                          Gross Rent
Arlington County Submarkets
Rosslyn                                          $31.74
Clarendon/Courthouse                             $31.10
Ballston                                         $32.19
Crystal City                                     $33.50
Virginia Square                                  $35.00
Other Metro Areas Submarkets
Reston                                           $26.47
Tysons Corner                                    $27.99
DC - CBD                                         $40.77
DC - East End                                    $43.47
DC - West End                                    $43.72

Source: CoStar, Feb ruary 2006

                                       Arlington Economic Development
Arlington Economic Development
Residential Sales Prices, 2001-2006
Arlington, VA


                        Average Sales Price
Year*             Single Family            Condo/Co-op
2006                     $741,882                $408,168
2005                     $688,527                $363,187
2004                     $549,123                $281,448
2003                     $519,039                $221,874
2002                     $411,049                $189,786
2001                     $358,390                $175,705

Notes: January data
Sources: Northern Virginia Association of Realtors




                                                     Arlington Economic Development
Comparative Home Prices, 2002-2006
                           Single Family - Average
Year*             Arlington          Alexandria          Fairfax
2006               $741,882             $726,620        $582,061
2005               $688,527             $586,719        $544,101
2004               $549,123             $499,533        $425,426
2003               $519,039             $481,551        $377,889
2002               $411,049             $379,834        $368,938

Notes: * January data
Source: Northern Virginia Association of Realtors




                                                    Arlington Economic Development
Comparative Condo Prices, 2002-2006

                            Condo/Co-op - Average
Year*             Arlington         Alexandria                Fairfax
2006               $408,168             $360,785             $257,702
2005               $363,187             $309,021             $272,918
2004               $281,448             $232,774             $200,737
2003               $221,874             $212,434             $167,035
2002               $189,786             $169,041             $138,049

Notes: * January data
Source: Northern Virginia Association of Realtors




                                                    Arlington Economic Development
Major Residential Development, 2004-2005
Arlington, Virginia
                                                                      Housing Units
Project                                    Submarket           2004              2005
Abingdon Court                             Ballston                                20
The Berkeley at Ballston                   Ballston              83
Clarendon 1021                             Clarendon                              417
The Clarendon - Mid-rise                   Clarendon           135                297
Bromptons at Court House                   Courthouse           14
Lofts 590 at Crystal Towers                Crystal City                           215
The Promenade at East Falls Church Metro   East Falls Church                       23
Bromptons at Cherrydale                    Lee Highway                             46
Cameron Commons Apartments Addition        Lee Highway                              5
Hunters Park                               Lee Highway                             74
The Metropolitan at Pentagon City          Pentagon City       326
1633 N Colonial Terrace                    Rosslyn              34
Total                                                          592               1,097

Source: Arlington Economic Development



                                                Arlington Economic Development
Major Residential Projects
Under Construction, 2006
Project                                  Submarket                  Units   Retail SF
The Residences at Liberty Center         Ballston                    469      20,000
Brampton at Cherrydale                   Cherrydale                   46       5,600
Station Square at Clarendon              Clarendon                   308
The Phoenix at Clarendon Metro           Clarendon                   194       4,100
Zoso Condominium                         Clarendon                   114      23,419
The Odyssey                              Court House                 306       6,800
The Palantine                            Court House                 274
Woodbury Park North                      Court House                 207       1,000
Airport Plaza III                        Crystal City                412       5,100
The Eclipse on Center Park               Crystal City                479      80,000
Westlee / 18 West                        East Falls Church           146       8,248
One Metropolitan Park                    Pentagon City               399      11,300
1325 N Pierce Condominiums               Rosslyn                      19      59,919
1800 Wilson Blvd                         Rosslyn                     153       5,758
Rosslyn Ridge                            Rosslyn                     238
The Mercer                               Rosslyn                      34
The Wooster                              Rosslyn                      53
Waterview                                Rosslyn                     185      7,180
WRIT Rosslyn Center                      Rosslyn                     224       5,500
IO Piazza                                Shirlington                 244
Shirlington Village Condominiums         Shirlington                 149
The Villages at Shirlington              Shirlington                 187      34,446
Village at Shirlington Residential       Shirlington                  54      17,679
Quincy Plaza                             Virginia Square             499
The Hawthorn                             Virginia Square             135       5,700
The Joule                                Virginia Square              87       6,246
The Monroe Street Condominiums           Virginia Square              79

Total                                                              5,694    307,995
Source: Arlington Economic Development

                                                             Arlington Economic Development
Arlington Economic Development
BRAC - Serious but Manageable
• We have saved the brains!! The retention of the
  Extramural Research agencies was a major success.
• This round was not like the others…leased space is a
  different animal and transitional needs are different.
• Lease expirations are fixed, but before they can leave,
  agencies need somewhere to go – buildings will need to
  be built.
• Contractor issues are complex, unclear and downright
  confusing.
• Arlington has now entered the transition planning stage.


                                   Arlington Economic Development
Office Space Impacts
• 4.2 Million SF of office space, both owned and leased,
  across 39 buildings.
• 11 percent of the total leased office space in Arlington.
• Vacancy rates for leased office space in Arlington was
  10.9% at the end of the third quarter 2005.
• The impact will be spread over a substantial period of
  time.




                                    Arlington Economic Development
BRAC Lease Expirations
SF Office Space
1,200,000

1,000,000

  800,000

  600,000

  400,000

  200,000

        0
            2005   2006   2007   2008   2009     2010    2011     2012    2013



                                               Arlington Economic Development
BRAC Space as Percent of Total
Percent of Total Office SF
  35.0%

  30.0%

  25.0%

  20.0%

  15.0%

  10.0%

   5.0%

   0.0%
            Ballston   Courthouse   Crystal City Pentagon City     Rosslyn



                                               Arlington Economic Development
Principal Buildings of the Jefferson Davis
Corridor with DOD Lease Expiration Dates




                                 Arlington Economic Development
Principal Buildings of the Jefferson Davis Corridor
with Percent of Building RBA in DOD Lease




                                 Arlington Economic Development
Age of Buildings with DOD Leases in the
Jefferson Davis Corridor




                                Arlington Economic Development
Fiscal Impacts
Near term: minimal loss of jobs, space and tax
  revenue during 2005-2007.
Mid-term: possible negative effect on new office
  construction starts in the 2008-2009 period.
Long term: positive impact on building assessments
  and taxable personal property due to
  renovation/new construction and economic
  restructuring.



                               Arlington Economic Development
 Fiscal Impacts
                            Redevelopment Scenario vs. Baseline Tax Generation

$60,000,000



$50,000,000



$40,000,000



$30,000,000



$20,000,000



$10,000,000



       $-
              2005   2006   2007   2008     2009   2010   2011   2012   2013   2014   2015   2016   2017    2018   2019   2020

                                          Redevelopment Total Net Revenue      Baseline Total Net Revenue


   Source: ERA Report

                                                                               Arlington Economic Development
What we are doing about it…
• Focus on working with building owners to recruit
  new tenants for the affected buildings.
• DARPA and ONR are still at risk.
• Prepare a post-BRAC transition strategy
  focused on Crystal City.
   – Crystal City Planning Process
   – Crystal City Business Improvement District




                               Arlington Economic Development
Arlington Economic Development
Ballston Skating Rink




               Arlington Economic Development
Ballston Bus Yards




             Arlington Economic Development
Shirlington




       Arlington Economic Development
Court House




        Arlington Economic Development
Court House




        Arlington Economic Development
Columbia Pike




         Arlington Economic Development
Special Studies




          Arlington Economic Development
Friday May 5, 2006
Register online at
www.arlingtonvirginiausa.com/bustour2006


                          Arlington Economic Development
         Websites


www.arlingtonvirginiausa.com
    www.arlingtonva.us
  www.bracarlingtonva.us




                  Arlington Economic Development

								
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