Relocating is a part of office culture. But when the company moves just a few blocks away, some experts say it could be the sign of a healthy office market.
One of the most notable moves in Tysons was auditing giant KPMG LLP’s announcement last October that it would be moving from 1676 International Drive to the Boro, a project nearing the final phase of development.
On the surface, a move like that would have a minimal economic impact. Some local experts who spoke to Tysons Reporter said that moves like this allow companies to obtain relatively prime office space at low costs.
KPMG LLP not only got a newer, larger office out of the move, but also a $1 million grant from the Commonwealth’s Development Opportunity Fund and other tax credits.
Professor Frank Shafroth, director of the Center for State and Local Leadership at George Mason University, said the move could also be a positive sign that the region has a strong standing in the competitive Northern Virginia race to fill office vacancies.
“If they are moving in the same community, it means the community has the right amenities,” said Shafroth, “so I would guess there are certain unique benefits to them — and no harm to the community, because, clearly, in considering a relocation, they would have considered Arlington or other spots.”
Photo courtesy Brandywine Realty Trust