WASHINGTON, DC—A top official with the General ServicesAdministration pledged before a House subcommittee onTuesday that the agency will work to reduce its backlog of expiredleases.

GSA Public Buildings Commissioner Norman Dong,during testimony at a roundtable held by the Transportationand Infrastructure Committee's Subcommittee on EconomicDevelopment, Public Buildings and Emergency Management,admitted the lease backlog has created a considerable amount ofuncertainly for area landlords. He noted that many building ownersstruggle to secure financing for their properties with thegovernment's status as a long-term tenant unresolved, according tothe Washington Business Journal.

Subcommittee Chairman Rep. Lou Barlettabelieves that with office vacancy rates high and interest rateslow, the federal government could take advantage of reduced rentalrates. Approximately 50% of the 98 million square feet of space theGSA leases across the country are set to expire in the next fiveyears.