According to an article in the August 4th issue of the Washington Business Journal (WBJ), the lease-up pace of Class A apartments in the Washington DC Metro area has decreased to 14 units per month. There were a record 81 projects in active lease-up at the end of June 2015, compared to 68 a year ago. The WBJ says the number of projects in lease-up will continue to grow in the second half 2015 and likely continue to put pressure on the per-project lease-up pace.
These projects are leasing-up or could be in the next few years in Falls Church:
|Development||Number of Units||Stage||Lease-up Period|
|Mason Row||340 Apartments||Planning Stage||24 months|
|Washington & Broad||324 Apartments||Planning Stage||23 months|
|Northgate||94 Apartments/THs||Leasing-up now||Still at ½ capacity|
|High School Land||350? Apartments||RFP released||25 months|
Can so many projects coming on line in a relatively short period of time with overlapping lease-up periods, that are geographically so close to each other, in a general slowing rental market, achieve the 14 unit per month lease up rate?
Should we be concerned?