Brace Yourself Landlords: There are More Obsolete Offices Than You Realize
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Freedom Square, located in Reston Town Center’s urban core. According to the report, 4.4 million square feet or approximately 16% of Reston/ Herndon’s inventory is obsolete. Reston Town Center is an obvious exception.
WASHINGTON, DC—It is little secret that there is a problem with suburban office product, especially buildings located in corporate parks or campuses. Any landlord that owns a building in such a setting knows it’s a problem, says Sandy Paul, managing director of National Market Research at Newmark Grubb Knight Frank. What such landlords don’t realize, at least in the aggregate, is how widespread the problem is – how many office buildings that are, to put it starkly, obsolete with little chance of repositioning or revitalization.
Paul and his colleague Bethany Schneider, senior research analyst at NGKF, put a number on it in a report the firm is about to release…
Brace Yourself Landlords: There are More Obsolete Offices Than You Realize
