Is Another Tech Giant Coming to Our Region?
Recently, we discussed how, and why, the D.C. metro area will most likely be the location of Amazon’s HQ 2. As we noted, if Amazon lands in D.C., it would produce a dramatic impact on our local economy and real estate market:
- Amazon has pledged a starter investment of $5 billion in construction.
- The original Amazon HQ ultimately produced $38 billion to Seattle’s economy from 2010-2016 alone.
- The HQ2 would bring immediately 50,000 new high-paid private-sector jobs to our region, with a potential long-term addition of 150,00 – 200,000 more jobs.
If Amazon does develop their HQ2 in our region—and current betting odds continue to favor this outcome—the development would only add even greater demand to our real estate market: which is already failing to provide enough supply to meet existing demand. In short: Amazon’s move to D.C. would only create an even greater market of opportunity for local developers.
But Amazon’s potential HQ2 development may represent just the beginning of a wider-ranging migration of large tech companies to the D.C. metro area. Recently, news has emerged that Apple may also develop a huge new campus within our region.
Apple announced earlier this year that they are planning to develop a new 4 million square-foot campus somewhere in the U.S. This new campus will bring with it nearly 20,000 new jobs to whichever region it lands within, and three of the proposed sites include Alexandria, Crystal City, and Loudoun. While Apple has remained more secretive about it’s selection process, regional politicians appear to be aggressively courting the tech giant.
As City Lab recently noted, if both Amazon and Apple move to our region, they “would send out seismic shocks for transportation, housing, and community demographics”. From our initial perspective, these potential moves would add a massive influx of new housing demand to our region, and take our already red-hot real estate market to new heights. If you would like to discuss ways that you could enter—or expand your presence within—our real estate market to capitalize on these potentially upcoming opportunities, contact Evergreen today. Call us at (202) 713-9072, or email us at email@example.com.