News
Real Estate of the Union
January 27, 2011
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| Yesterday, JLL managing director of government investor servicesJoe Brennan, snapped last night just home from battling snowdrifts, told us the federal stimulus has concluded and now it's time to cull waste. He says the president's State of the Union was great: ?Education and infrastructure are lofty goals we believe in.? But it's time to separate the chatter from what's really happening. There are three views, he says, on how to package and cut gov't spending, and when you get to the bones, each has political problems. Obama referenced the government selling acres of federal office space that hasn?t been used in years, but, Joe notes, he hasn?t seen much action. He foresees government tenants favoring renewals over taking new build-to-suit space, and for those that have to move, migration toward existing space, especially in sustainable, transit-oriented downtowns. There will also be a greater focus on space efficiency, hoteling, and work-at-home programs. |
