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Government leasing activity still present in Maryland

It looks like the Maryland and Washington DC areas may not be getting quite the hit expected to their Commercial real estate markets. The National Institute of Child Health and Human Development signed a new lease and the Department of Veterans Affairs renewed its lease just days after the General Services Administration said it was going to focus on real estate consolidation.

According to reports, the Department of Veterans Affairs renewed its lease on a 163,917-square-foot space for five years under the oversight of the General Services Administration. The building is owned by Blake Real Estate. The National Institute of Child Health and Human Development signed a lease on a 85,000-square-foot space in a five-story office building in Bethesda, Maryland.

While the General Services Administration's announcement is likely to impact the Commercial real estate market in the area, it does not necessarily mean that there will be a complete stop on new leases or renewals, as these two cases show. According to a representative from Transwestern, the General Services Administration is still dealing with a significant leasing backlog that is likely to result in an increase in government leasing in the near future.

For those in the Rockville and DC areas, government entities are a significant piece of the Commercial real estate market, but they are not the only tenants around. Commercial investment property owners may want to discuss their needs with someone familiar with Commercial real estate law and look at purchasing other properties for retail or small-business tenants to ensure they are able to weather any possible declines in government leasing activity.

Source: Globe St.com, "Two Government Agencies Sign Off on Space" Erika Morphy, Apr. 25, 2014

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