Herb Mansinne talks about placemaking in Northern Virginia and how submarket repositioning has been just as common as specific building repositioning over the past 5 years. Since the competition for advanced degree millennial talent is so high, both buildings and submarkets are repositioning themselves with hospitality-like amenities to attract these millennials.
Herb’s prediction for the next 3-5 years is that the majority of development and leasing activity in Northern Virginia will be centered along the new transportation spine; Old Town Alexandria, Potomac Yards, the Rossyln-Ballston Corridor, Tysons Corner and the toll road. He estimates that 75% of all growth will be along this transportation spine where there has been increased repositioning and placemaking for both office buildings and submarkets to attract more millennial talent.
According to Herb, places like Rossyln which have not fared well in recent years will be fine in the long term because the area serves a geographic purpose and much of its success will rely heavily upon residential and retail development in the area over the next few years.
Herb Mansinne is Managing Director of Agency Leasing at JLL.
This video clip is part of JLL’s Capital Insight Event held in October 2015, a 90-minute forecasting experience held to help key constituents make decisions in the Metro Washington DC market.