GSA Pressured to Reveal Info on Massive Leasing Backlog
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The GSA needs to inform the public that leases are expiring soon and how much office space it needs in the region, Del. Eleanor Holmes Norton says. The federal government's real estate arm has millions of square feet either on soon-to-expire leases or currently expired deals, and a backlog of deals has meant taxpayers are funding lease payments 20% above necessary, the Washington Business Journal reports. Norton has asked GSA commissioner Darren Blue for info on all big expiring leases in the next two years, and GSA's plan to deal with them. 12M SF of leases are for short-term deals that have already expired, and 33M SF more are set to expire in the next four years. If Congress can find a way to cut some GSA red tape, it could start taking advantage of a tenant's market in the region before it's too late. [WBJ]