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BRAC isn't only about big leases from big contractors. Look at yesterday's 11k SF Telford Aviation deal at St. John Properties' The GATE at Aberdeen Proving Ground for proof that they play ball wherever there is ball to be played.
St. John Propeties, The GATE, Aberdeen Proving Ground, Matt Holbrook, development, defense contractors, mid-sized, large, budget cuts, deals, on hold, leasing
Telford moves into 6165 Guardian Gateway when construction on the 52k SF building finishes next month, and SJP federal programs chief Matt Holbrook (above) tells us ?most large defense contractors? have moved or are in the process of moving. That means he's looking to small- and mid-sized companies to lead the next wave of BRAC-related leasing. And SJP plans on taking advantage of that at The GATE: nine buildings encompassing 526k SF have gone up there over the past 20 months, Matt says, 330k SF of which have been leased. The project can accommodate up to 3M SF, and SJP says over 2M SF in new development is anticipated over the next decade.
St. John Properties, 6165 Guardian Gateway, contractors, slow growth, leasing activity, volume
Challenges remain. Potential budget cuts are putting some deals on hold, and Matt tells us most contractors are reluctant to make CRE decisions without a contract in hand. He predicts ?slow, metered? leasing activity in the area for the balance of the year into 2012. But that's not to say growth isn't coming: ?The volume is out there,? says Matt. ?When it gets here is just a matter of time and resources.?