Office ExpirationsJBGS’ near-term office expirations remain elevated with 9.5% by ABR in 2024 and month-to-month; and 9.0% set to expire in 2025.
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.
Tenant VacanciesJBGS 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.