Posted on 07/18/19 by Cara O'Donnell
It's been a little more than four years since Arlington's commercial vacancy rate hit its historic high of 21%, and now, AED's efforts to promote and provide resources for businesses looking to move or expand operations in Arlington are paying off.
The vacancy rate as of the second quarter of 2019 stands at 16.6%, down nearly 5% from its historic high of 21%, and according to AED Interim Director Alex Iams, "the best is yet to come."
The 16.6% vacancy rate does not yet reflect any square footage occupied as part of the much-anticipated Amazon HQ2 deal, as employees have not yet moved into any headquarters space. The Amazon headquarters will continue to help to decrease the County's vacancy rate in the coming years, creating even more commercial tax revenue for the County. After all, each percentage of the office vacancy rate accounts for $3.4 million in commercial tax revenue.
The Arlington Economic Development team successfully closed 26 deals in FY 2019, representing 7.2 million square feet of office space and 43,000 jobs.
“The momentum of Arlington’s economy is the strongest it’s ever been,” says Iams. "We welcomed major nonprofits like the March of Dimes and continued to attract technology companies like Yext. We were successful in retaining our key corporate and government headquarters, including iTG, the DEA and PBS. And our BizLaunch small business assistance program has counseled hundreds of small businesses and entrepreneurs looking to do business in Arlington. Our business community is diverse, robust and innovative.”