Vienna Town Council to hold tax rate steady – See Page 7
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SunGazette
VOLUME 37 NO. 39
G R E AT FA L L S • M c L E A N • O A K T O N • T Y S O N S • V I E N N A
MAY 19-25, 2016
AT GMU, A SALUTE TO CLASS OF 2016 GRADUATES Clockwise from upper left: George Mason University students Nakato Nsibirwa, Krista Whaley, Najeeba Gootee, Daniel Gassel, Khushboo Bhatia, Lauren Benefield and Brittne Douress show off their highly decorated mortarboards May 14 before commencement exercises at the university’s Fairfax campus. See full coverage on Page 4, to go with coverage of Northern Virginia Community College’s commencement on Page 3.
PHOTO BY BRIAN TROMPETER
Full Steam Ahead for Fairfax’s Commercial Real Estate
Proximity of Metro Stations in Tysons-to-Reston Corridor Is Helping to Spur Growth BRIAN TROMPETER Staff Writer
New office and mixed-use projects are being built like gangbusters in Fairfax County and the county’s economy remains formidable, a local real estate expert said May 11. More than 2.6 million square feet of
ty’s 16.2-percent office-vacancy rate just slightly exceeds the healthy market average of 10 to 15 percent, he said. Vacant buildings have the advantage of generating property taxes while consuming few services, he added. About 96 million square feet of the Continued on Page 21
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members during a breakfast meeting at the agency’s Tysons office. The county has 116 million square feet of office space and another 40 million square feet of industrial-hybrid space, making it the second-largest U.S. suburban-office market. Fairfax County is home to 32 percent of Virginia’s office space and the coun-
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office space now is under construction, 83 percent of which has been leased in advance. “It’s kind of like going to the car dealer and buying your car off the assembly line,” said Curt Hoffman, director of real estate services for the county’s Economic Development Authority, who briefed Tysons Regional Chamber of Commerce