THE CYCLE IN WINDING DOWN AND
THE LEVEL OF ECONOMIC UNCERTAINTY
REMAINS HIGH. THIS COULD MEAN ONE
OF TWO VERY DISPARATE THINGS—THE
CYCLE MIGHT WIND DOWN FASTER THAN
PEOPLE EXPECT, OR THIS UNCERTAINTY
AND CHANGE WILL USHER IN A NEW
PHASE OF GROWTH.
for that Growth Spurt
About a year ago Shooshan Cos., a real estate developer based in Arlington, VA, knew it had a problem. It had received approval for a 400,000-square-foot office building—the last of what was originally planned to be a five-building
office complex. The problem? It no longer wanted to build an
office product at the site.
The office market had changed in the interim since the original planning, CEO John Shooshan relates, squeezed by factors
specific to the Washington, DC area—such as sequestration and
the end of BRAC—and, more universally, tenants’ recent trend of
space rightsizing. So he decided to completely redesign the
planned project into a mixed-use vertically integrated building.
By Erika Morphy
71st Annual Review & Forecast