As part of a strategy to combat rising commercial office vacancy rates, Fairfax County, Virginia, has announced a series of strategy recommendations that include potential updates to its building repurposing policy, providing flexibility and incentives for the redevelopment and/or adaptive reuse of noncompetitive office buildings. Initial recommendations were presented as part of the “state of the office market” to the Board of Supervisors’ Economic Initiatives Committee on July 23, 2024.
The recommendations build on an earlier white paper on office building repurposing. Industry engagement for the potential policy update will likely occur in fall 2024.
McGuireWoods attorneys were members of the industry task force that provided recommendations on the adoption of the building repurposing policy in 2017. McGuireWoods attorneys and planners facilitated land use approvals for the adaptive reuse of several office buildings in Bailey’s Crossroads, Merrifield, Fair Lakes and Tysons. To discuss repositioning opportunities under existing and evolving policy guidance, please reach out to a member of the Real Estate and Land Use team.