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Roughly 52% of the federal government’s leased office portfolio either has lease expirations or termination options between now and the end of 2028, according to an analysis of General Services Administration data from S&P Global Ratings.
The majority of that space is from expiring leases, totaling about 59.2M SF, while another 18.5M SF has termination options.
“The GSA is going to be very busy from now through the end of 2028, not just in the national capital region but on a national basis, because the sheer number of leases expiring is massive,” Cushman & Wakefield Executive Vice Chairman Darian LeBlanc, a top government office leasing broker, told Bisnow.
The GSA, which manages the real estate portfolio of the federal government, leased 149.4M SF of privately owned office space on behalf of federal agencies as of October, according to S&P. That number has come down from 167.4M SF in 2015, as recent presidents from both parties have sought to shrink the federal government’s leased office footprint.
