GSA Needs May Exceed D.C. Real Estate Offerings

Stricter security requirements for federal facilities combined with a growing need for office space may trigger a building boom in the Washington, D.C. area, according to a study recently completed by Delta Associates, Alexandria, Va., the research affiliate of real estate firm Transwestern Commercial Services.

04/26/2002


Stricter security requirements for federal facilities, combined with a growing need for office space, may trigger a building boom in the Washington, D.C. area, according to a study recently completed by Delta Associates, Alexandria, Va., the research affiliate of real estate firm Transwestern Commercial Services.

After analyzing data from the General Service Administration—the agency that administers federal real estate—Delta found that the GSA operated 88 million sq. ft. of office space in the D.C. area in 2001, which is 24% of the total office space in the area. While security at some locations is adequate, other facilities will require upgrades to levels yet to be determined. In addition, GSA office space needs are predicted to grow by 1.3 million sq. ft. per year for the next several years.

According to Delta, only 5 million of the available 32 million sq. ft. in the metropolitan area is considered secure enough. Consequently, either more office space will have to be developed, or the government will have to settle for less-secure spaces, particularly in the interim.

For more information from Delta Associates on GSA real estate needs, visit www.deltaassociates.com .





No comments