1900 Reston Metro Plaza: Reston's first Trophy building on-Metro

WASHINGTON, DC–The Silver Line has not yet created a meaningful shift in commuter patterns even as office tenants seek space located on the Metro line, according to a JLL research note.

Since Silver Line began service in 2014, Tysons has seen 1.1 million square feet of office occupancy gains within a half a mile of a station, while experiencing 1.5 million square feet of occupancy losses off-Metro, JLL writes. “And tenants are willing to pay up for it, with rents for Trophy and Class A space on-Metro in Tysons commanding a 16% premium,” it adds.

Yet while the existence of the Silver Line is shaping leasing fundamentals in Tysons, it hasn't affected ridership. Average weekday volume is ticking up year-over-year, but it is still below the levels in 2014. As more transit-oriented product delivers in Tysons in the coming years, ridership is expected to increase, but for now, the increases equated to less than 10% in most of the surrounding residential neighborhoods, JLL says.

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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.

Washington, DC