Paid Parking Arrives In Tysons

Tysons, once a rural intersection anchored by a regional shopping center, has grown into the 12th-largest employment center in the United States, encompassing over 28 million square feet of office space. Fairfax County officials have long sought to transform Tysons from a car-focused, suburban crossroads into a dense, walkable and urban agglomeration. One result of Tysons’ shift from a collection of office parks into a city of its own right has been an increased demand for parking. While historically Tysons office owners included free parking as part of tenant packages, recent changes within the Tysons submarket, in particular the opening of Metro’s Silver Line, have increased demand for office space in the submarket. This increased demand for office space has made parking more valuable – even with the Silver Line offering some commuters a viable alternative to driving – and allowed asset owners to begin charging tenants per parking space. With these major changes in mind, it is important to determine the effect introducing paid parking is having on Tysons. How much does parking cost tenants? How are tenants and owners reacting to the changes? Lastly, how do parking fees in Tysons match up with other nearby submarkets, such as the Rosslyn-Ballston Corridor?