- November 5, 2012
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Now that most of DOD’s relocation from leased space in Arlington, Va., under BRAC has occurred, it should take several more years for occupancy rates to rebound, according to a real estate investment trust with significant holdings in Northern Virginia. Those relocations have caused the occupancy rate at Vornado Realty Trust’s Northern Virginia office properties to decline from 90 percent to 84 percent in the past year, reported the Washington Business Journal. “There is a lot of churn, but not yet enough absorption to eat into vacancies, especially in the peak BRAC year,” said Vornado/Charles E. Smith President Mitchel Schear. Recovery from the moves should begin in 2014, he said.