WASHINGTON, DC–JLL reports that average parking ratios at new construction along Northern Virginia's Silver Line corridor are reaching all-time lows as the area increasingly shifts shift toward transit-oriented development.
Tysons and the Toll Road, in particular, have witnessed the most dramatic drop, JLL said, reporting that in the Toll Road, 39% of Reston and Herndon's total supply delivered across only five years, from 1998 through 2002, with an average parking ratio of 3.5:1,000. Fast forward to 2017 and 1900 Reston Metro Plaza, the Toll Road's first new building since 2010, opened next to the Wiehle-Reston East station with a parking ratio of 2.4:1,000, a 31% drop.
In Tysons, 40% of supply delivered from 1984-1990, with an average parking ratio of 3.4:1,000. Since 2010, however, the average parking ratio for the 1.3 million square feet of new construction is 2.2:1,000, a 35% drop, with 100% of the recent deliveries and current construction occurring within half a mile of Metro.
Looking ahead, several trends will further fine-tune parking ratios, JLL said. These include:
Metro ridership: While overall Metro ridership within Northern Virginia fell slightly by 2% from Q1 2017 to Q1 2018, ridership in Tysons and Reston increased 3%, with the Greensboro (+10%) and Tysons Corner (+6%) stations posting the biggest gains
Driving habits: In 2010, 83% of workers in Fairfax County drove to work, down to 81% by 2016. The added density of new developments around Metro, particularly in Tysons and Reston, is poised to add traffic to already congested micromarkets when projects deliver ahead, likely fueling a greater shift to Metro as the market urbanizes.
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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.
