SPRINGFIELD, VA—Corporate Office PropertiesTrust posted strong third quarter performance forshareholders—activity that is expected to continue as long-standingtrends in which the REIT has invested continue to play out. Oneexample: COPT expects to see leasing activity step up atPatriot Ridge, according to comments made byStephen E. Budorick, EVP and COO of COPT duringthe earnings call.
During the first quarter COPT saw an increase in showing afterthe Bipartisan Budget Act was passed, he said.
"That's translated into some pretty significant awards out ofvarious agencies around Fort Belvoir" totaling about $8 billion."We have multiple groups now looking at planning, waiting for theactual task orders to be awarded under that new wave of contractsthat got awarded. So we're feeling in another quarter or two thatwe should be in a position to start booking leases at PatriotRidge."
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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.
