It’s been a tough few years for commercial real estate through out the Northern Virginia landscape, with vacancy rates above what has been typical averages over the past two decades. However, office space near metro stations, especially newer construction, has been a buoy with higher occupancy and helping to offset falling values in older properties.
In 2015 Tysons saw a 3.1% increase in assessed tax value within the urban district. Most of the growth occurred in residential value (between a 4 and 8% increase on average) and new construction. Older commercial offices on average saw negative to flat assessed value growth, but new construction like Tysons Tower, 1775 Tysons Boulevard, Tysons Overlook, and several other projects around the city countered those losses.
The largest percentage increase in value occurred at 8401 Westpark Drive, site of the new Nouvelle Apartments, with an increase of 358% from $9.1M to $32.5M. The largest net value increase occurred at 7966 Tysons, Tysons Corner Center, a $93.9M increase from $1.071B to $1.164B,
The total assessed value of Tysons in 2015 is $12.2 billion, up from $11.8 billion in 2014, a net increase of $366 million dollars. Tysons has a total tax revenue. Given a base tax rate of $1.11/$100 Tysons will provide $135 million in revenue to the County via real estate taxes alone, an increase of $4 million from 2014.
