Looming large in the federal lease portfolio and in the minds of federal property investors is the “prospectus lease.” Numbering just over 200 nationwide, these are the GSA leases that exceed $3.095 million in annual levelized…
Category: Prospectus
Prospectus Approvals Will Drive Further Downsizing
The federal leased property inventory has been getting smaller since the end of 2012 and indications are that the trend will continue. One need only look at prospectus approvals to be certain of this because, while…
Downsizing: It’s Going to Happen and Here’s Why
The trend in space utilization is towards greater efficiency, mobile work and collaborative workspaces. As we have discussed many times on this blog (including here and here), the federal government has embarked on efforts across its…
Downsizing the Federal Real Estate Footprint
It has been almost two weeks since the Economic Development, Public Buildings and Emergency Management Subcommittee of the House Transportation and Infrastructure Committee convened its May 22nd hearing entitled “Saving Taxpayer Dollars: Freezing the Federal Real…
2012: Government Real Estate Year In Review
If you think the world of government real estate is a staid and boring place, think again. There is a lot going on: big transactions, important policy and outright scandal. 2012 was no exception. We published…
What You Should Know About the Public Buildings Reform Act
The relationship between the 112th Congress and GSA is not particularly cozy. The House of Representatives, under the leadership of Transportation and Infrastructure Committee Chairman, John Mica (R-FL), has sparred with GSA over efforts to relocate…
A Sneak Peek at the Next Round of Prospectus Resolutions
Earlier this month we reported that a dozen prospectus resolutions had been added to the House Transportation and Infrastructure Committee mark-up agenda – and then removed the day before the meeting. Their appearance tantalized us with…
The Long Wait Continues
“Clowns to the left of me, Jokers to the right, here I am, Stuck in the middle with you.” Once you get a song in your head it’s hard to get it back out. These Stealers Wheel…
Grim Outlook for Federal Tenants in Washington, DC’s Downtown
GSA’s lease selection process has made it a perpetual pioneer – pushing it to the fringe submarkets where office space is more generally available in abundant cheap supply. In the early 1990s the “fringe” was the East…
How Prospectus Governs Build-to-Suit Rents
Over the years, we’ve observed that government-leased build-to-suit (or, in GSA parlance, “lease-construct”) projects often seem to price at or near the prospectus-approved rent cap. We decided to take a look at the trend using the FBI’s field…