Amazon’s decision to bring half of its second headquarters, or HQ2, to Northern Virginia means both a surge in jobs and a significant impact on real estate.
Amazon has promised that 25,000 jobs will be brought to its HQ2 in Arlington, as well as another 25,000 in New York City for its other HQ2 location. But don’t expect 25,000 jobs to immediately become available.
According to a 25-page agreement (see below) between Amazon and Virginia, Amazon expects to hire 400 people in 2019 and 1,180 in 2020. By 2030, it expects to create a minimum of 25,000 jobs and potentially a total of 37,850 by 2034.
Regarding housing, RENTCafé said Amazon’s announcement also is bound to speed up the apartment construction in the area, which is already seeing an increased number of units entering the market.
Future Amazon employees would have access to more than 205,000 units currently in the entire Metro area. In Crystal City specifically, 3,100 units are currently under construction, planned or prospective.
Currently, the average rent in Crystal City is $2,387, up 5 percent year over year. In D.C., the average is $2,140, up 1.4 percent year over year.
In Crystal City, Amazon employees can also expect a majority millennial population where, as of 2016, 52 percent of the population is of that generation.
Job positions at Amazon's HQ2 sites in Arlington and New York City will be listed on the company's recruiting website, https://www.amazon.jobs/en.