Many office properties across the region have experienced high vacancy rates since the pandemic, and are no longer competitive in today’s market. If these properties are located in areas appropriate for residential or mixed-use development, there may be an opportunity to reposition these assets to meet market demand and unlock value.

Across Northern Virginia, underperforming office assets are being considered for residential use. The path to residential use may include a requirement to amend the Comprehensive Plan and/or address specific residential development criteria such as adequate public facilities and the provision of affordable housing. Time Equities recently advanced such an effort, repositioning an aging office property on Fairfax Ridge Road to a residential use that aligns with Fairfax County’s housing goals.

Working on behalf of Time Equities, the Walsh, Colucci, Lubeley & Walsh composed of Shareholder Lynne Strobel and Land Use Planner Zach Fountain secured the approvals necessary to allow the transformation of 1980’s office buildings with an above-grade parking garage to a 400-unit multi-family residential building complemented by a unique perimeter park. The proposal is more compatible with the surrounding area that had already evolved to include residential use, and addresses transportation, site design, and public benefit considerations. The result is an approval that positions the property for long-term success.

Walsh Colucci regularly assists clients in evaluating and repositioning office assets. We work with property owners to determine feasibility, identify the appropriate approval path, and secure approvals. The conversion of office to residential is a trend that is expected to continue as a result of office vacancy and the need for housing. If you are considering repositioning an office property, we welcome the opportunity to discuss next steps