Washington, DC Number One on World’s Best Places for Real Estate Buys in 2009 – What It Means for Northern Virginia
Forbes magazine, in a recent article on where global real estate investors will be looking to put their money in 2009, named Washington, DC as the world’s number one spot for commercial and residential real estate opportunities.
Are you asking yourself why? It’s simple really. The recent announcement of up to one trillion in government spending means – regardless of the final number – new programs. And new programs need offices and employees.
While commercial and residential real estate often function as different markets, both need low unemployment and strong job growth to put money in the pockets of consumers.
*******At present, D.C. has the lowest unemployment rate in the country–4.1%, compared to the 7.2% national average. And with the new administration, it’s unlikely government jobs–and those they support–will be leaving the District anytime soon.*******
So what does this mean for Northern Virginia? Although most federal offices are located in the District of Columbia, employees, whether federal workers (civilian or military) or private contractors often live outside the District.
Situated well inside the beltway and with a variety of public transportation options, Northern Virginia – and Alexandria in particular - is a residential mecca for many of those workers. We think this news comes at a great time – interest rates are down, inventory is good and sellers are open to creative offers.
And now, for the other nine cities:
2 – London
3 – New York
4 – Toyko
5 – Shanghai
6 – San Francisco7
7 – Los Angeles
8 – Paris
9 – Houston
10 – Singapore
For more on this story, click here. And for more information on the Northern Virginia residential market, call me at 703.927.4554.