A century and a half ago, after the Civil War had ended, the federal government began an ambitious program of building national hospitals for wounded veterans—a few at first, and then, as those veterans became elderly,…
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Colliers Releases Its Q2 2017 Top Office Metros Snapshot
This past week, Colliers published its “Top Office Metros Snapshot” focused on ten of the nation’s most notable office markets. All of these are among the top 20 metros occupied by GSA so we take an…
A Look at GSA Rent Growth
Portfolio investors of GSA-leased properties will be pleased to learn that GSA gross rents have, on the whole, performed reasonably well in the past ten years. GSA leases typically do not contain rent escalations–in fact, in…
Federal Leasing After The Paris Withdrawal
For those of you who have recently awakened from a coma, here is a news alert: President Trump has withdrawn the U.S. from the Paris climate change agreement. Predictably, there has been a tsunami of commentary on…
The Greying of GSA’s Leased Inventory
As illustrated in the graph above, the average age of buildings leased by GSA has hovered at or around 15 years through the 2000s. Yet, recently that figure has been trending older. The GSA leased inventory is aging.…
Aligning Facilities and Needs at the VA
The federal Department of Veterans Affairs (VA) owns or operates 168 medical centers and 1,053 outpatient facilities that serve a population of 8.9 million veterans each year, ranking it among the largest healthcare providers in the…
GSA Leases Appear to be Growing Longer
The GSA property market has been characterized by a relative scarcity of long-term leases. This unwillingness of federal agencies to commit to long-term contracts is due to budget distress, mission uncertainty and challenges complying with OMB mandates to reconfigure…
The Federal Assets Sale and Transfer Act
Near the end of his Administration, on December 16, 2016, President Barack Obama made a Republican politician very happy. Jeff Denham, first elected to Congress from California’s 19th District and reelected three times from the redrawn…
Will Foreign Ownership Receive Greater Scrutiny?
Last week the Government Accountability Office (GAO) publicly released its report titled GSA Should Inform Tenant Agencies When Leasing High-Security Space From Foreign Owners. The title pretty well summarizes the report’s conclusion – that GSA should determine if its…
Prospectus Approvals Will Drive Further Downsizing
The federal leased property inventory has been getting smaller since the end of 2012 and indications are that the trend will continue. One need only look at prospectus approvals to be certain of this because, while…