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ARLINGTON, VA. - This morning, more than 50 people from around the region attended "The State of Real Estate" held by the Arlington Chamber of Commerce. Sponsored by Walsh, Colucci, Lubeley, and Walsh, this event spotlighted the complex state of real estate in Arlington, and considered what the future might hold.
The event began with opening remarks from Dr. Terry Clower, Northern Virginia Chair, Professor of Public Policy, and Director of the Center for Regional Analysis at George Mason University. Dr. Clower provided an economic overview of the status of real estate market in Arlington and the Washington, D.C. metropolitan area at large. Following Dr. Clower was a panel discussion with leaders from Monday Properties, The Shooshan Company, and Jefferson Apartment Group sharing their perspectives as voices in the commercial, retail, and multi-family residential sides of real estate, respectively. The panel was moderated by Andrew Painter, Shareholder with Walsh, Colucci, Lubeley, and Walsh.
The panel began with a discussion of Arlington's geographic and economic advantages, as panelists noted the importance of investing in these advantages such as a robust transportation and infrastructure network. Jennifer Burns, Executive Vice President at Monday Properties stated that "long term, I think that we clearly need to invest more in all of our transit options. Our workforce cares not just about how they can get to work but how they can get around regionally."
The panel continued with a conversation on trends in the real estate market, such as the greater emphasis on amenities in newer spaces. Kevin Shooshan, Principal of the Shooshan Company, emphasized this point by noting "amenities that used to be just for residential are now huge in the commercial sector. This has been a trend in the market for the past several years. If you don't have a gym, a pool, and a lounge area, people aren't interested, people don't want to come in. If you don't have these amenities, you're out."
Continuing with the need to adapt to changing times, the conversation moved on to consider Arlington County's current process for facilitating real estate development. "The beginning and end of the process can be predictable, we try to talk with the County about the desired outcome," said Greg Van Wie, Senior Vice President at the Jefferson Apartment Group, providing his perspective. "What's challenging is all the trials along the way- specific certificates and fees, design permits. You need a sense of scale for how much it takes to get from start to finish."
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