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Paid Parking Is Influencing Tysons' Asking Rents

There is a gap in asking rents between properties that charge tenants for parking versus those that offer free parking.

Sandy Paul

TYSONS, VA–Last year Boston Properties began charging for parking at Reston Town Center after it had been free for 26 years. A few months later the REIT was sued by a restaurant in the project on the grounds that the paid parking violated its lease and had damaged its business. The restaurant won a preliminary injunction but by this time Boston Properties had relented — other businesses in Reston Town Center were also angry about the paid parking — and narrowed the window for the fees to weekday afternoons.

Introducing paid parking into a market that had been used to free parking is clearly a fraught issue — and one that has been spreading to the Tysons submarket ever since the arrival of the Silver Line, according to a new white paper by Newmark Knight Frank.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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