When Amazon coined the term “HQ2” and announced plans to open a second North American headquarters in Crystal City, Virginia, the company promised it would be the “full equal” to its Seattle home base, with 50,000 high-paying jobs and executive leadership spread across the two locations.
The campus will have 67,000 square feet of retail space, and Amazon has said it would be willing to offer free or discounted rent to stores on a temporary basis, as it has done in Seattle in the past. The project, which also borders Metropolitan Park in Pentagon City, would also include open spaces fronting the park and a daycare center.
The tech giant’s arrival in Virginia is having a major impact on the region. Last month JBG announced plans to redevelop 2.6 million square feet of apartments and office space near the towers in the area re-branded as “National Landing.”
Amazon’s impending arrival jump-started the local real estate market in Virginia, making neighborhoods in the Alexandria and Arlington areas some of the most competitive housing markets in the nation. Inventory is tight and prices are rising rapidly. The Amazon HQ2 effect has become a permanent factor in the Arlington and Alexandria housing markets.