As many of you know, last Tuesday, Nov. 13, Amazon officially announced that its second headquarters (HQ2) will reside in both Arlington, Virginia and New York City.
The selection of National Landing (a neighborhood encompassing Crystal City and surrounding areas) is exciting, as it highlights our region’s strong infrastructure, talented workforce, stable business climate and robust housing market. It also presents an excellent opportunity for Northern Virginia Realtors® to be an invaluable community resource. In fact, we have already been approached by business leaders and multiple media outlets for our members’ take on the future housing impacts. We’ll be sharing published news clips through our social media feeds.
Support of Amazon’s HQ2 aligns with our strategic goal of connecting members with regional economic growth opportunities that provide access to homebuyers and sellers. We will continue to partner with industry leaders and strategic partners to develop learning and networking programs that enhance your visibility as a go-to resource for Amazon and its employees. We aim to ensure that NVAR members understand and help shape the trends that impact our regional economy, the local housing market and our profession.
According to Amazon’s announcement, “Virginia and Arlington will benefit from more than 25,000 full-time high-paying jobs; approximately $2.5 billion in Amazon investment; 4 million square feet of energy-efficient office space with the opportunity to expand to 8 million square feet; and an estimated incremental tax revenue of $3.2 billion over the next 20 years as a result of Amazon’s investment and job creation.”
The arrival of HQ2 will create demand for housing, and the increased demand will likely cause higher home prices and rental rates. However, the impacts will be geographically dispersed and gradual, reports the Stephen S. Fuller Institute. (The Institute has created an online Amazon hub with a series of reports about the economic, fiscal and housing impacts of HQ2.)
NVAR is partnering with the George Mason University Center for Real Estate Entrepreneurship and the Northern Virginia Apartment Association for a symposium on the potential impact of the HQ2 project on housing demand, supply and pricing in Northern Virginia.
You can register for this free event at https://amazonhousingimpact.eventbrite.com/.
As HQ2 generates housing demand and the impact of its arrival unfolds, your expertise will help guide the future of our region and enhance Amazon’s presence in Northern Virginia.
NVAR will continue to elevate your success by delivering exceptional value, driving innovation and impacting the profession. Together, we are the voice of real estate taking you – and our growing region – further.
Sincerely,
Lorraine Arora
2018 NVAR President
Ryan Conrad, CAE, RCE, CIPS
NVAR CEO