But he acknowledges that construction financing would be tricky to secure."We would certainly look for construction financing but we would alsouse our own equity to get started." In total, there is about two million square feet in potential DC-area development that Monday has in its portfolio--and willat least look at this year, he says.

The company is also considering acquisitions, as long as they are located in a supply-constrained submarket, which is Monday's sweet spot, Helmig says. With most of its DC portfolio based in Rosslyn, Monday has not been subject to the same tenant pressures as other landlords in the area. The Rosslyn-Ballston Corridor has performed well--in contrast to the declining vacancies seen elsewhere in the city--and rents haveremained stable.

These fundamentals are mirrored in Monday's portfolio: its Rosslyn portfolio is 98.4% occupied. Also, Helmig says, the company has maintained its rental rates at the same level, give or take, for the past 24 months. "We have had some rental growth but wehaven't raised rates by a material amount." Average asking rates are $50 per square foot to $60 per square foot for trophy-quality buildings and $38 a square foot to $40 a square foot for non-trophy assets, he says.