Greenbrier Circle Corporate Center consists of two buildingstotaling 229,163 square feet of office space. Norfolk Commerce ParkII and Norfolk Business Center include two business park buildingstotaling 218,945 square feet in the Norfolk Commerce Parksubmarket.

Like just about every other landlord in this environment, FirstPotomac has been focusing on keeping existing tenants, as well assnag new ones where possible. According to the company's recentearnings report, in Q1 it completed 657,000 square feet ofleases--144,000 square feet of which are new tenants. Of thatactivity, 98,000 square feet of newly filled space had been vacantfor more than a year. It renewed 34 clients last quarter, or513,000 square feet--an 80% retention rate, according to commentsmade by COO Skip Dawson during the earnings call. The average baserent or renewals increased 1% on the cash basis and 15% on the GAAPbasis, he also said.

"We will continue to focus on maintaining a strong retentionrate throughout 2009, as this is the most cost-effective leasing wecan do from a capital and overall cash flow perspective," he said."We have taken care of our largest exposures in 2009 and 2010.Because of this, we do anticipate that our renewal rate will slowslightly, as the year progresses, since we have pulled forward somerenewals on future expirations."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.