Tysons is leading D.C.'s suburban growth
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Photo courtesy of Capital One.
The D.C. suburbs are booming, and Tysons is leading the pack, Paige writes.
Why it matters: Tysons has grown from a farm town (specifically known and named for peaches) to an emerging tech hub. And, similar to other suburbs around the country, its growth has been further accelerated by the pandemic.
One physical indicator of that growth is the height of Tysons buildings. According to Urban Turf, the five tallest buildings in the works for the D.C. region will all be in Tysons.
What’s happening: Tysons, which is rebranding from Tysons Corner, is growing in almost every area, from population to office space to hotel rooms.
- While the area’s development boom started before the pandemic, the ability to work from home and the desire for more space have only helped areas such as Tysons.
The Tysons 2021 Economic Report shows that the population grew 39% from 2010 to 2018, which is three times the regional rate.
- The report also found that 34% of Tysons jobs were in management, tech, professional services, and other related fields.
The area is the second-largest employment center in the DMV, and has four Fortune 500 companies, Fairfax County Economic Development Authority vice president Alex Iams tells Axios.
- He in part attributes Tysons’s population growth among younger groups to the increase in high-rise multi-family communities with ample amenities and easy access to Metro.
- Note: Almost 60% of Tysons population is between 18 and 54, and the median age is 36, three years younger than the rest of Fairfax County.
What’s next: Capital One Center has headed some of the area’s recent growth with its mixed-use development that aims to “(blur) the lines between office, entertainment, amenities, and public spaces.”
- Capital One Center currently has a theater that holds meetings by day and entertainers such as Josh Groban at night, a public park with a Biergarten, the Watermark Hotel, and more.
- Next spring it’ll open a mini-golf course, and in 2023 it’ll open Center Three, which will accommodate more Capital One employees.
What's next: Goals for the future, Iams says, include growing to 100,000 Tysons residents and 200,000 employees.
He says the new, high-amenity office buildings in Tysons that are specifically built to meet current employee needs are in a good position to avoid COVID-related challenges that buildings in downtown D.C. are facing.
- “Any company that’s looking to bring their employees back, even part-time, will be looking for a space that allows their employees to shop and dine nearby, to have outdoor space to use, to be proximate to transit, and so I think that rather than being sidelined by COVID it’s actually put Tysons more in the game,” Iams says.