In Northern Virginia, Arlington and Alexandria represent two of the hottest and historically stable real estate markets.

Epicenters for new real estate development, business, and transportation — with both jurisdictions very well connected to Washington, D.C. via Metro rail — Arlington and Alexandria’s vibrant, dense neighborhoods have cropped up all along the transportation corridors of these two close-in suburbs.

In Alexandria, residents and tourists alike are drawn to its rich history and old architecture while Arlington — home to Ronald Reagan Washington National Airport and The Pentagon — is home to the upcoming Amazon HQ2 development, which will only strengthen the consistent demand the Washington Metropolitan Area has seen over the past decade.

A notable, large-scale new development in the Eisenhower neighborhood of Alexandria is being spearheaded by real estate development and investment firm Stonebridge. A $400 Million high-rise complex that includes multiple luxury apartments and retail, the project will be anchored by a large Wegmans and will emphasize the creation of a vibrant neighborhood around transit expected to complete sometime in the Spring of 2022.

Another interesting trend in Northern Virginia is the conversion of office to housing development.

With office vacancy rates at record highs and workers being content with the work from home lifestyle, real estate developers are beginning to question the best use of commercial office properties with one specific question in mind: Is it economically (and physically) feasible to convert commercial office properties to residential?

Brookfield Residential recently announced the intention of transforming two former corporate office buildings in Old Town Alexandria into a condo development called Towngate North. In September 2021, JBG Smith abandoned part of its proposed office plans for National Landing in favor of more residential units.

Condo developments in Arlington continue to spring up, especially in the Rosslyn neighborhood where new condos just opened at The Pierce. Condo units at The Pierce range from $900,000 to more than $3 Million. Multiple other condo and rental buildings are planned or due to open soon in the area, creating more available inventory.

As reported by local news publication ARLnow, the Arlington condo market has improved from the end of 2020 and early 2021, with prices rebounding but inventory levels still being much higher than they were in the years preceding the Amazon HQ2 announcement.

TTR Sotheby’s International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.