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Space Demands May Turn on Election Results

MCLEAN, VA-Panelists at the RealShare Conference discussed the impact BRAC and the recent elections will have on the market.

By Erika Morphy | Updated on December 05, 2006

MCLEAN, VA-There are several changes underfoot in the Northern Virginia real estate markets that are affecting demand for space in office and industrial properties. Trends in the area’s infrastructure, land prices and even politics were discussed during yesterday’s Northern Virginia RealShare Conference held here in the McLean Hilton.

It all comes back to one thing: the market fundamentals. Panelists considered the fundamentals here rock solid as especially illustrated by both tenant and investor demand that continues to remain strong. “This is one of the strongest and longest real estate cycles I can ever remember,” said Jim Lee, COO and president of OPUS East. Even asset classes marginalized, like condo sales, are expected to come back once the bottom has been hit.

Last month’s national election is having an impact on space demands among some tenants, according to Spencer Stouffer, principal with Trammell Crow Co. “It is fueling caution among some firms as the administration exchanges hands,” he says. “There is a sense of inertia among some of these firms and they are not signing up for additional space.”

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