Press Release: The Washington, DC, Green Line Is Now the Region’s Corridor of Choice for Young Professionals, Says New RCLCO Study
WASHINGTON, DC — JANUARY 12, 2017 — Five years after publishing the groundbreaking findings of GreenPrint of Growth, a follow-up study finds that the District’s Metro Green Line Corridor has performed above and beyond expectations, and that growth at Green Line stations south of L’Enfant Plaza has been as impressive as growth north of Gallery Place.
GreenPrint of Growth 2.0: Five Years Later is a data-driven analysis executed by real estate advisory firm RCLCO and commissioned by the Capitol Riverfront Business Improvement District. In this study, RCLCO examines the growth that has occurred within a quarter-mile of the Green Line stations from Petworth to Navy Yard-Ballpark since the original report. The study aims to provide insight into the extent to which regional development dynamics may or may not be driving new development to Metro-oriented locations; highlight growth trends for station areas; create an analysis of the character, quantity, value, and quality of the development activity; compare development statistics for designated station areas; characterize “Green Line Corridor Households” in terms of income level and daytime employment; and quantify the total fiscal impact to DC in terms of property tax benefit and job creation over the next 20 years.
Erin Talkington, RCLCO Vice President and lead researcher for the study, along with members of the Capitol Riverfront Business Improvement District, presented the results of the study at the Capitol Riverfront Business Improvement District Annual Meeting at 11:30 AM ET this morning. During the presentation, she provided a picture of surprising growth and economic development in neighborhoods along the Green Line.
“Since our original report in 2012,” says Talkington, “the Green Line has experienced a wave of new development that has proven beyond most of our imaginations that the Green Line Corridor is, in fact, the hottest real estate market in the District, and an economic engine for the city for years to come. Viewed as an emerging destination five years ago, with prospects for growth but little on the ground, the Green Line has quickly transitioned into a corridor of vibrant neighborhoods attracting 48% of the District’s new young households.”
Among the study’s key findings:
- The Green Line is the highest growth corridor for young professionals, attracting one of every two new households under age 35 in the District since 2010.
- One out of every four new apartments built in the District since 2000 has been built within the Green Line Corridor.
- Based on sales of condos built after 2000, the average income for new Green Line households has increased by nearly 50% since 2012, to $121,600.
- Stations along the Green Line Corridor are seeing new condo deliveries reset resale pricing by over 30%.
- Green Line stations have captured 50% of the District’s retail development since 2010.
- The number of jobs located on the Green Line Corridor grew by 50% between 2010 and 2016 to 76,000 jobs, with high-wage sectors representing an outsized share of the growth.
- Residential growth and development activity along the Green Line Corridor is anticipated to generate $3.66 billion in tax revenue to the District over the next 20 years.
Since 1967, RCLCO (formerly Robert Charles Lesser & Co.) has been the “”first call”” for real estate developers, investors, public institutions and non-real estate companies seeking strategic and tactical advice regarding property investment, planning, and development. RCLCO leverages quantitative analytics platforms and a strategic planning framework to provide end-to-end business planning and implementation solutions at an entity, portfolio, or project level. With the insights and experience gained over 50 years and thousands of projects—touching over $5B of real estate activity each year—RCLCO brings success to all product types across the United States and around the world. RCLCO is headquartered in Washington, DC, and has offices in Los Angeles, Orlando, and Austin.
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