George Mason University’s Center for Real Estate Entrepreneurship Holds Housing Impacts Symposium (Courtesy Photo)

George Mason University’s Center for Real Estate Entrepreneurship, the Northern Virginia Association of Realtors®, and the Northern Virginia Apartment Association present:“Amazon HQ2: Impact on Local Housing Markets”, a symposium on the potential impact of the Amazon HQ2 project on housing demand, supply, and pricing in Northern Virginia.

The event will take place on Wed., Dec. 12 at 5:30 p.m. at the Founders Hall Auditorium on the George Mason Arlington campus.  The symposium will feature local housing experts Jeannette Chapman (Deputy Director, Stephen S. Fuller Institute, George Mason University), Danielle Hale (Chief Economist, Realtor.com), Ben Sage (Director for Mid-Atlantic Region, Metrostudy), Michelle Winters (Executive Director, Alliance for Housing Solutions), Sandy Paul ((Senior Managing Director, National Research - Newmark Knight Frank), and Christian Barreiro (The Zupancic Group of Marcus and Millichap). 

Amazon HQ2, one of the most anticipated national corporate expansions, will be situated in newly branded National Landing, in Northern Virginia with an expectation of 25,000 full-time high-paying jobs; approximately $2.5 billion in Amazon investment; 4 million square feet of office space with the opportunity to expand to 8 million square feet; and an estimated incremental tax revenue of $3.2 billion over the next 20 years.

“The pending expansion of Amazon into Northern Virginia has created questions on the net impact on the quality of life that makes this region so appealing to major employers,” stated Eric Maribojoc, Executive Director of CREE. “Even prior to the Amazon announcement, our region requires new and innovative ways to plan, design, and build housing to address issues such as affordability and traffic.  As part of the largest university in Virginia and through events like this, our George Mason University real estate center works to convene experts, provide information, and educate the industry and real estate consumers.”

Said Ludwig Gaines, Executive Director of NVAA. “We view Amazon HQ2 as a tremendous regional opportunity with real impacts on the multifamily housing industry. On behalf of our membership, including apartment owners, management companies and the vendors that service NOVA's apartment industry, we are excited to be at the forefront of examining this issue, and look forward to hearing from the experts on HQ2's potential impacts. The unknown will soon be known and preparing our membership and partners for what’s to come is critical.”

According to NVAR President Lorraine Arora.  “The arrival of Amazon’s HQ2 will present a challenge to housing demand in coming years, especially for the rental market. We expect real estate values to have incremental gains, and new home construction may accelerate. Keep in mind that Crystal City lost more than 17,000 workers from the federal Base Realignment and Closure Commission one decade ago. The new Amazon jobs will reinforce our region’s diversity and help sustain our economic growth.”

Said NVAR CEO Ryan T. Conrad, “We aim to ensure that Realtors®, business leaders and the community are fully informed about the housing demands created by Amazon’s move. One thing we know is that we are very different from Seattle. Our local economy and housing market are positioned to absorb these new needs, and we are confident that our highly competent and professional Realtor® members will provide excellent service to those seeking a new home anywhere in our region.” The association will track the trends, data points and infrastructure developments so our community is out in front of this, he said.

The event will be live streamed at https://www.youtube.com/user/MasonSOM