Future Reston Development Is In Trouble: Report

RESTON, VA -- In what may be bad news for developers looking to make a profit in Reston and good news for local residents who aren't a fan of the construction boom, a report suggests that the future of development here is in some doubt.

Bisnow reports that several top developers speaking at Bisnow's Fairfax County State of the Market event last week expressed concerns that they're building too many rental units, and rents are starting to stagnate.

The sheer volume of multifamily unit construction appears to be the issue, although the problem is more acute in Tysons, JBG Smith Executive Vice President of Development Greg Trimmer said at the event according to Bisnow.

"In Reston we're a little sick, but Tysons is in hospice in terms of the glut of apartments," Trimmer said. "They've way overbuilt."

Trimmer added that he thinks Reston's market is healthy long term, but "right now we do have a bit of a problem."

You can read the full report on Bisnow's website.

Image: Patch staff