Boston Properties, the owner of Reston Town Center, says that rent collection and leasing activity in April has remained strong this month despite the ongoing COVID-19 pandemic.
During a quarterly earnings call yesterday (Wednesday), company representatives said that roughly 90 percent of its office and retail tenants paid rent for April 1. The company’s first-quarter revenue is up from four percent over the previous year.
The company has signed a 135,000 square foot lease with a defense contractor at RTC. Construction of a 276,000-square-foot building that will be fully occupied by Leidos is also complete.
In Northern Virginia, leases amounting to 900,000 square feet of space are in active negotiations.
CEO Owen Thomas said it is difficult to determine where market rents are today and how the pandemic will impact the overall market.
“As in past recessions and economic slowdown created uncertainty, which reduces some users need for space, business leaders can become more cautious and reluctant to invest capital in new offices.”
The complete transcript of the call is available online.
Photo by R. Dawson/Flickr