Judi Nardella Hershman is president of the Safe Community Coalition - DOC by HC120831004751

VIEWS: 4 PAGES: 2

									                       ROTARY CLUB OF McLean, VA
                       WEB: www.McLeanRotary.org

                                                                                  FOR IMMEDIATE RELEASE
                     CONTACT:              Rick Neldon
                                            703-536-5600
                                           neldons5@cox.net
                                           DATE: September 23, 2008

                 The State of Real Estate in the Tyson’s – Dulles Area




Demetri Koutrouvelis speaks to Mclean Rotary Club about the effect of the metro extension to Dulles on the local area
                                                real estate market
Demetri Koutrouvelis, Managing Director for the Washington Office of Studley, Inc. spoke to
the Rotary Club of McLean during their regular luncheon meeting on Tuesday, September 23,
2008. Mr. Koutrouvelis, an expert on commercial real estate, spoke to the Club about
Metrorail’s extension to Dulles and its effect on Northern Virginia.

“This year we are seeing the beginnings of this enormous project,” Mr. Koutrouvelis explained.
“This is the preparation work for the major construction which is expected to begin during
calendar year 2009.”

The rail line to Dulles airport is being constructed in two phases. The first phase, scheduled for
completion in 2013 will bring Metrorail from the West Falls Church Station through the Tyson’s
Corner business area and extend to Wiehle Avenue in Reston. Scheduled for completion in
2015, the second phase will extend Metrorail through Dulles Airport and along the Dulles
Greenway, West to Route 772.

As the rail line opens it is expected to have a positive impact on the areas economy and generate
unprecedented opportunities in the commercial real estate market. Currently, the market is in a
state of what is referred to as “negative absorption.” More office space is being created and
made available than the market requires. Today, the supply of the highest grade office space
exceeds demand at the current market prices.

The office vacancy rate for the Tyson’s area is currently at around ten-percent. In the Dulles
area this rate is higher at around sixteen percent. However, expected improvements from
Metrorail’s expansion of the transportation infrastructure make this a good time to be planning
for and investing in commercial real estate almost anywhere along the Tyson’s-Dulles rail
corridor.

“This is an especially good time to rent or acquire space in the Dulles area,” Koutrouvelis said.
The Lerner Corporation and The West Group are the market leaders in commercial real estate
for the Tyson’s Corner area. The Dulles area has a larger number of companies involved in
developing and marketing office space allowing for more competition and greater flexibility in
market economies.



 Rotary International and the 30,000 Rotary clubs located in over 160 countries are dedicated
to achieving peace through international goodwill and understanding. To this end, Rotary
has set a goal of promoting literacy throughout the world. While Rotary International
channels millions of dollars into educational scholarships, lending libraries, international
mediation studies, group study exchanges, and a score of other programs, each independent
club also is charged with creating programs to support the goal of world literacy.

The McLean Rotary Club meets for lunch Tuesdays at 12pm at:
Lutheran Church of the Redeemer
Fellowship Hall
1545 Chain Bridge Road, McLean, VA, 22101

								
To top