RB CORRIDOR

Submarket Statistics 2022 Recap

The Rosslyn-Ballston Corridor has a deep inventory of multifamily units, but much of it is dated and the vast majority of units are rentals. Condo deliveries have been sparse in the last decade, so the average offering has older finishes, outdated amenities, and notably limited technology features. Into that void stepped 2000 Clarendon and Pierce, two modern buildings that combined to sell at a premium of greater than 65% over quite respectable resale prices in 2022. Pierce topped $1,000 per square foot with an ultra-luxury product while 2000 Clarendon, which started closings in 2021, offered attractive absolute prices that averaged $862 per square foot thanks to efficiently sized units. The well-established rental market weathered the pandemic better than most in the DC region and had a single-digit vacancy rate throughout 2022. Rents remain above pre-pandemic levels.