Tysons is centrally located in Northern Virginia, which comprises Arlington, Fairfax, Loudoun, Prince William counties and the cities of Manassas, Falls Church, Fairfax and Alexandria. In addition, Tysons forms part of the Washington Metropolitan Area, which includes the District of Columbia and surrounding counties in Suburban Maryland and Northern Virginia. The Metropolitan Area is the ninth largest urban centre in the United States with more than 6 million residents, and boasts one of the lowest unemployment rates in the country. When combined with Baltimore and its suburbs, the Baltimore-Washington Metropolitan Area has a population exceeding 8 million residents, the fourth largest in the country.
Northern Virginia plays an important role in the region and has one of the best-educated workforce within the United States. The federal government accounts for approximately one-third of the region’s economy; however, Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. Top employers include those in the fields of energy, information and communication technology, aerospace, defense, security and intelligence, and biotechnology.
The Washington Metropolitan Area also has growing industries not directly related to government, especially in the areas of education, finance, healthcare, hospitality, public policy, and scientific and medical research. George Washington University, Georgetown University, Washington Hospital Center, Howard University, and Fannie Mae are the top five non-government-related employers in the city. A total of 18 Fortune 500 companies’ headquarters are located within the Washington Metropolitan Area.
According to the Greater Washington Board of Trade Report, the nation’s capital receives considerable amounts of foreign direct investment from the United Kingdom, Western Europe, and Canada. In addition, Japan, India, Israel, and South Korea are amongst the top countries with companies operating in the region.
Northern Virginia has more than 160 million square feet of existing office space and is the largest of the three jurisdictions that make up the Washington Metropolitan Area. The entire Washington Metropolitan Area, which encompasses the District of Columbia, Suburban Maryland as well as Northern Virginia, comprises more than 360 million square feet of existing commercial office space.
Blessed with the highest real income and spending power of all the major metro regions within the U.S., Washington-area residents support a diverse and thriving retail market. The region contains more than 280 million square feet of retail space of all types, ranging from lively urban scenes in Georgetown, Adams Morgan and Bethesda to high-end shopping areas, including the Tysons Corner Center, the largest shopping mall in Virginia.
The Washington region’s industrial market comprises nearly 200 million square feet with core industrial locations along the I-95, the major north-south access corridor of the Eastern United States, and near Dulles International Airport.
The Washington region remains one of the most sought-after investment locations in the U.S. It tops many investors’ lists due to its overall stability, long-term performance and the presence of the federal government.
Avison Young opened its Tysons office in 2010 as part of the company’s acquisition of Appian Realty Advisors LLC, a Northern Virginia-based agency leasing, tenant-representation and project-management firm. Appian has since been rebranded as Avison Young. In 2011 Avison Young acquired Millennium Realty Advisors, also in Tysons. With this latest acquisition, Avison Young achieved another milestone in the company’s aggressive U.S. expansion program while increasing the firm’s presence in Northern Virginia and leveraging the firm’s offerings to the rest of the region. Due to the U.S. Capital Region’s key geographic location and essential role in global economic and governmental activities, Avison Young’s Washington Metropolitan Area team is well positioned to facilitate multi-market, cross-border transactions in conjunction with all Avison Young offices.