In January 2018, then–Secretary of the Interior Ryan Zinke announced a sweeping program to reorganize the department, the largest such reorganization since its founding in 1849. Zinke’s plan involved dividing the United States into thirteen regions,…
Capitol Markets
Issues and analysis relating to government leased and owned property
The Congressional Budget Office Reports on Federal Investment
With the recent surge in congressional activity towards infrastructure spending it is worth noting a Congressional Budget Office (CBO) report released in June entitled Federal Investment, 1962 to 2018. That report provides a great overview of…
GAO Finds Fault with GSA’s Delegated Leasing
The federal entity principally charged with leasing property for the use of government agencies is the U.S. General Services Administration. In keeping with decentralization efforts in many areas of government, however, GSA long ago created a…
SIOR Conference Presentation
Last week the Society of Industrial and Office Realtors (SIOR) held its Spring World Conference in Washington, DC. I was fortunate to be asked to participate in a panel discussion entitled “Federal Real Estate Opportunities” alongside,…
Long-Term GSA-Leased Properties Are Stabilizing
The predominant federal leasing trend since the Great Recession is that the GSA-leased space inventory is shrinking. Though this overall inventory reduction has been occurring at a relatively moderate pace, the number of long-term leased properties…
Space Force Takes Flight
On February 19, President Donald J. Trump signed an order directing the Pentagon to develop plans to establish a U.S. Space Force, with its mandate to “marshal its space resources to deter and counter threats in…
Prospectus Approval: What Does It Really Mean?
Looming large in the federal lease portfolio and in the minds of federal property investors is the “prospectus lease.” Numbering just over 200 nationwide, these are the GSA leases that exceed $3.095 million in annual levelized…