Commercial real-estate troubles are reaching Arlington, Tysons and other business districts in Northern Virginia, threatening local tax revenue.
to the remote work crowd. The real estate is generally less valuable than in D.C.'s main downtown regions, and there is often less of it to begin with.
But the rising vacancy rates — even in mixed-use neighborhoods — nonetheless present woes for commercial property owners and for local governments that depend on these buildings to fund schools, police and other services.“It’s like a ticking time bomb for us,” said Ryan Touhill, director of Arlington’s economic-development arm.
That has put the county’s commercial vacancy rate at a record-high 21.7 percent, which he said could ultimately mean the county will collect less tax revenue off those buildings. A lack of liquidity in capital markets have in some cases led to buildings going into default, asProperty assessments for 1776 Wilson show how county finances may begin to feel the burn.
Multiplied many times over, that dip in revenue could force some difficult choices for county leaders — and it only stands to get worse in the coming years.
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