Commercial property values rose by an average of 4.1 percent. Hotels, apartments and office properties in Arlington all gained value, with new construction of apartments accounting for about a third of the increase.
The value of office properties collectively declined in 2018 but rose by 4.3 percent this year. According to the county, the office segment continues to be impacted by a 17.4 percent vacancy rate.
Office values will continue to rise over the long term, the county says, as Amazon’s HQ2 and its ancillary impacts take hold.
Property tax revenue accounts for 57 percent of all Arlington County revenue.