Amazon Primed to Boost Property Prices in Winning HQ2 Cities
Real-estate firms see surge of interest in Queens, Northern Virginia; ‘Show me anything you have’
New York and Arlington, Va., traded billions of dollars in incentives for a shiny new Amazon HQ2. But the arrival of the new corporate headquarters could mean some serious challenges for the two cities.
The “Amazon effect” of easy online shopping has been derided for upending bricks-and-mortar businesses everywhere. But in Queens, N.Y., and Northern Virginia, investors say the phrase now heralds a budding real-estate boom.
The giant retailer’s decision to split its second headquarters between Long Island City, across the river from Midtown Manhattan, and Crystal City, Va., could turbocharge property values, some analysts say. Real-estate-services firm Colliers International is predicting the average office-rental rate in...