Griffin told listeners that its development pipeline is 54% leased--including a recent aggregate 375,000 square feet in deals for threebuilding leases. "With all of our buildings under construction orunder development being government or defense IT buildings, we believethis concentration is unique among office REITs and positions us wellfor growth that helps offset somewhat the recession impact," Griffinsaid.
In addition, he added, the REIT recently signed a small lease for aDefense Information Systems Agency contractor for space atColumbia Gateway, "which is the first evidence of DISA contractordemand outside of the national business park.
At the same time, a number of development opportunities have becomeavailable from developers unable to secure financing for theirprojects, 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.
