Thursday, March 22, 2012

Skyline officially goes to Special

As Vornado reported in February they let the Skyline portfolio transfer to special servicing yesterday. They blame the drop in occupancy (74%) on BRAC, which has caused havoc in some submarkets (i.e. for Falls Church VA it has been negative, but in markets such as Huntsville, AL it's been positive). They also noted that another 157k sf could be lost in 2012 and a total of 408k sf could be lost by 2016, all related to BRAC.

h/t crabsofsteel


Anonymous said...

I wouldn't wish what vno is facing in skyline and crystal on my worst enemy..Skyline especially; without the DOD nearby there is no reason for that submarket to exist.

Concrete Jungle said...

You need to put a little more effort in hating your worst enemies. But I agree with the rest of your comment.