Catherine C. Jones, executive director in the Washington, DC office of GVA Advantis, represented ManTech. The landlord, Velsor Properties, LLC, represented itself.
Currently rates in this market average $24.38 per sf, Ginter tells GlobeSt.com. "That is due to all the construction, particularly of class A buildings, that are in the pipeline." However, she adds, this market might be poised for a bit of a shakeup once these projects are delivered. "Vacancy rates are 13.1%, so there is some concern in the brokerage community, given the amount of construction."
Leasing activity, as illustrated by ManTech's commitment, is strong. However, Ginter says, the construction is outpacing demand, despite the large leases, mainly by government contractors. Headquartered in Fairfax, ManTech International provides national security technology for the Department of Defense, State, Homeland Security and Justice; the Space Community; and other government customers.
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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.
