What Amazon’s HQ2 decision will mean for the area’s real estate market
Amazon’s selection of northern Virginia as the future home of half of its second headquarters is expected to have a dramatic impact on the area’s housing market as the company brings thousands of employees to the region.
WASHINGTON — Amazon’s selection of northern Virginia as the future home of half of its second headquarters is expected to have a dramatic impact on the area’s housing market as the company brings thousands of employees to the region.
Cities across the country were originally competing for 50,000 jobs that were projected to come along with Amazon’s HQ2, but now the workforce will be split between the Virginia and New York locations.
“This is still really good news for our region, even if it’s just 25, 000,” said Corey Burr, senior vice president of TTR Sotheby’s International Realty.
While there is a big difference between 50,000 jobs and 25,000, Burr said Amazon’s decision to split its second headquarters was a smart one, because they will be moving into an area with an already competitive real estate market.
“What it does is it takes a lot of the pressure off their employees to be bidding against each other,” Burr said.
Burr expects the impact of those jobs to be felt the most by people who own real estate in areas 15-20 minutes from the newly rebranded neighborhood of National Landing, which includes portions of Arlington and Alexandria.
“Those places that are a quick walk to Metro stops on the Yellow and Blue line are going to have the biggest immediate impact,” Burr said.
Burr believes not all employees of Amazon who move here will want to buy homes and condos so landlords will also reap the rewards of the second headquarters.
The jobs would come over a 10-12 year period according to the state and while all the employees won’t come at once, Burr said more investors will now begin to target those areas where those workers may want to live.
“I do think it will increase demand even though all he workers are not coming in at one time,” Burr said.
Burr expects the hot neighborhoods for Amazon employees to be portions of Arlington, Alexandria and McLean but he also says other areas, including parts of D.C. and Maryland will also see some Amazon workers moving in.