Leasing activity from the federal government’s landlord saw a dramatic fall between fiscal years 2011 and 2012, Federal Times reports.
Citing a survey from real estate provider Jones Lang LaSalle, Andy Medici writes the General Services Administration reduced spending on new leases by 96 percent, awarding $46 million in 2012 compared to $1.2 billion in fiscal 2011.
Joe Brennan, managing director at Jones Lang LaSalle, told Federal Times the federal government occupies 4.6 percent of all leased space around the country.
Brennan said the firm expects activity to pick back up in 2013 in part because of leases expiring, according to Medici.
According to the Washington Business Journal, federal leases cover more than 24 million square feet of Washington area real estate.
The regionâs vacancy rate has increased to 15 percent from 14.1 percent a year ago, the Business Journal reports.