In-depth findings show Tysons is out performing comparative markets in a growing economy fueled by Fairfax County’s 2010 Comprehensive Plan
Tysons, VA – Tysons Partnership this week released findings of a new Tysons-centric economic study showing Tysons is outperforming comparative markets and is well-situated to lead regional recoveries. The HR&A Advisors, Toole Design, and Wells & Associates-led Tysons Market Study is accompanied by the Tysons Economic Report which serves as a prologue and summary to the Market Study and highlights key insights and takeaways.
Tysons Partnership President and CEO, Sol Glasner, stated in an email to Tysons Partnership board and Fairfax County officials, “…the Market Study informs key policy and advocacy elements affecting Tysons and will help drive strategic planning by both public and private sectors for growth and development of a walkable, urban community.”
Tysons leaders see the data and analysis contained in the report and study as a benchmark 10-years into the Comprehensive Plan and as an asset to help Fairfax County government and business stakeholders identify Tysons’ area of strength and where additional focus needs to happen.
Of particular note in the study was Tysons residential growth which, according to the research, is four times higher than the County average and significantly greater than comparable submarkets. Glasner points to this trend as a key indicator that, “the investment on behalf of the public and private sectors in smart, sustainable urbanization is working.”
Specific details from the report include:
Total Residential Population: 28,000
- 39% growth from 2010 – 2018
- Tysons residential growth is four times higher than the County average population growth and three times the region
- Tysons total households is projected to reach 36,000-57,000 by 2050
Total Workforce Population: 107,000
- 17% of Fairfax County total workforce
- Projected: 5% office-based growth in the next 5 years
Retail Market: Tysons has maintained its role as a regional retail destination generating over $3.5 billion in annual retail spending, representing 17% of total retail spending in Fairfax County.
Office Market: Tysons experienced the highest growth rate of office product among comparable submarkets with inventory increasing 7.6% between 2010 and 2019.
Hotel Market:
- Substantial new hotel supply was delivered with only a modest impact on occupancy prior to COVID-19. Two new hotels are adding supply in the East Side Planning District.
- The study predicts the hotel D.C. hotel market will rebound to 2019 levels by 2025.
Residential Market: The number of multifamily residential units in Tysons is a robust 13,800 units, up by 34% since 2010.
Transportation: Overall ridership at each of the four Tysons stations has grown year-over-year, every year since the Silver Line debut in Tysons (2014-2019). Ridership for the first 2.5 months of 2020 was on track to continue growing but dropped significantly due to the COVID-19 pandemic.
Tysons Partnership leaders understand much work remains to be done as recovery efforts begin post COVID-19 and in identified areas where continued investment and resources are essential, including housing affordability, mobility, and implementation.
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About Tysons Partnership: Tysons Partnership is a dynamic collaborative of Tysons stakeholders working together to accelerate the transformation of Tysons into a vibrant urban destination. We are a convener, a voice and a catalyst for the people who live here, work here, and do business here. We represent the uniqueness of Tysons and we provide a context in which new ideas and community thrive. For more information, visit our website www.tysonspartnership.org, or follow us on Twitter, Facebook or Instagram.
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MEDIA CONTACT: Karyn Le Blanc | on behalf of Tysons Partnership
202-497-4572, mobile/text
