Lease ExpirationsJBGS expects office tenants will vacate ~475k sf (~$21.5M of ABR, or 8.2%) in National Landing, with 2/3 vacating in 4Q24 and the balance in 1H25.
Office Demand UncertaintyDOGE has an unknown and potentially meaningful impact on office and multifamily demand in DC metro, where JBGS is solely focused.
Office OccupancyAmazon’s HQ2 has so far not able to be a giant tech magnet for National Landing, leading to declining office occupancy, reduced margins and earnings for JBGS.