For the last week, the office industry has been concerned about a new threat. The Trump administration might direct the General Services Agency to not only sell a number of government-owned office buildings but to cut enormous numbers of existing space leases with private owners.
Could this happen? Possibly. It’s not the first time federal agencies and the GSA have looked into cutting back the space used by the government. However, put that to the side for a moment. A new Trepp analysis looked at the potential impact on the office markets in the top 10 metropolitan statistical areas (MSAs) if the GSA pared back leases.
The agency manages about 149.5 million square feet of office space on behalf of the federal government with a total annual rent of $5.25 billion and an average office rental rate of $35.09 per square foot.
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