Nowhere in the commercial real estate sector is feeling the pain of the Telecosm Debacle greater than Virginia right now.
<<Herndon's vacancy rate increased 4.3 percentage points from 10.5 percent to 14.8 percent, with the addition of 596,000 square feet of sublet space on the market. Why? Look at the list of corporate citizens: e.Spire, ECI, Portal Software, Winstar Communications and Network Access Solutions. All are said to have put space back on the market in the last three months.
There is good news in Herndon, though. The 190,000-square-foot Dulles Executive Plaza 2 is fully occupied by Cisco Systems, and Sun Microsystems is rumored to be looking at the 10-story, 270,000-square-foot South Lake@Dulles Corner building scheduled to break ground this year.>>
Good news???
<<Reston's vacancy crept up from 6.3 percent to 8.4 percent, thanks to 800,000 square feet of sublet space. More than 770,000 square feet is in the pipeline to be built.
But the area south of the Dulles Toll Road is littered with new sublet space. For example, Proxicom leased all 184,000 square feet at One Reston Crescent on Sunrise Valley Drive and was expected to move in last January. Now the whole building is back on the market for sublease. >>
washington.bcentral.com
And this does not include the more recent implosions of PSI, Teligent, BBO and Zephion to name a few. |
