Griffin told listeners that its development pipeline is 54%leased--including a recent aggregate 375,000 square feet in dealsfor threebuilding leases. "With all of our buildings underconstruction orunder development being government or defense ITbuildings, we believethis concentration is unique among officeREITs and positions us wellfor growth that helps offset somewhatthe recession impact," Griffinsaid.
In addition, he added, the REIT recently signed a small leasefor aDefense Information Systems Agency contractor for spaceatColumbia Gateway, "which is the first evidence of DISAcontractordemand outside of the national business park.
At the same time, a number of development opportunities havebecomeavailable from developers unable to secure financing fortheirprojects, Griffin noted.
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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.
