- August 15, 2012
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Filling space vacated by the Pentagon in Arlington, Va., is slow-going, but not as bad as commonly perceived, Michael Fascitelli, president and chief executive of Vornado Realty Trust, told investors last week. “Washington today is experiencing the perfect storm: BRAC, the GSA trying to be more efficient, a presidential election and a budget standoff creating uncertainty. But we expect that moderate growth and limited supply over the next several years will stabilize the market,” Fascitelli said, according to the Washington Post. Of the 2.4 million square feet of vacancies in Arlington slated to be created through the last round of base closures for Vornado’s Washington unit, Vornado/Charles E. Smith, the real estate investment trust has re-leased or begun redeveloping 818,000 square feet. But the new leases often require the firm to lower its rates significantly.