: News

Filed Under:

Signs Of Impending Free Fall In North Virginia Real Estate Market

Play associated audio

At first glance, this 14-story office building doesn't look like a harbinger of doom. But posted on the building's wall is a sign that reads "Retail Space for Lease."

A few years ago, this would have been unthinkable for a building that literally overlooks the Clarendon Metro station. "We don't see a lot of that around Arlington," says Tom Rice, the county's land assessor.

From his perspective, Arlington's real estate market is still strong. But Rice has anecdotal evidence about tough times ahead for commercial real estate: things like stores, hotels, apartments and, yes, office buildings.

"The developers of those properties anticipated that they were going to be nearly 100 percent leased within a short time after being complete," Rice says, "and they're not." County officials predict the value of commercial real estate, nearly half of Arlington's tax base, could decline by 17 percent next year.

Rice says the reason for this decline will sound familiar to anyone who's followed the sub prime mortgage meltdown: banks financed developments with little to no equity, and now that office vacancy rates are on the rise, those developments are in default.

David Schultz reports...

NPR

With 'Formation,' Beyoncé Lights Up The Internet. Here's What People Are Saying

The singer's new music video quickly drew commentary of all kinds — on its references to being black in America, Hurricane Katrina and Black Lives Matter.
NPR

Calif. Restaurant Gives Diners — And Sea Lions — An Ocean View

The Marine Room is a restaurant right on the beach. When the tide is high, waves hit the windows, and bring in unexpected visitors.
NPR

In The Light Of The Morning After, How Bad Was Rubio's Repetition?

"I would pay for them to keep running that clip, because that's what I believe passionately," Rubio said of a much-aired video excerpt if him repeating a line at Saturday's debate.
NPR

Super Bowl 50 Tightens Cybersecurity

This year's Super Bowl will be held in the most technologically advanced stadium in the world. FBI special agent John Lightfoot talks to NPR's Rachel Martin about the threat of cyber attacks.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.