Property demand leads to4.9 million square feet of total leasing; company sees continued growth in cybersecurity & technology sectors
3 Building Campus at Redstone Gateway in Huntsville, Alabama
Corporate Office Properties Trust (NYSE: OFC) recently announced its record-breaking 2019 year in leasing with 4.9 million square feet of total leasing, exceeding its prior 2010 record by 600,000 square feet. In addition, 2.2 million square feet of development leasing was 1 million square feet more than COPT’s prior record achieved in 2012.
These achievements have positioned the Company favorably to deliver growth in 2020. COPT’s initial development leasing goal of 1 million square feet is 11% higher than last year's initial goal and is supported by the 2 million square feet of opportunities in its shadow development pipeline. This year, COPT expects to place 1.4 million fully leased square feet into service and to similarly lease the remaining 900,000 square feet under development before placing them into service in 2021 and 2022.
Interior image of 6950 Columbia Gateway Drive in the Columbia Gateway Innovation District
Locally, COPT continues to see growth in leasing with cybersecurity and technology businesses, particularly in the Columbia Gateway Innovation District. With 28 buildings totaling 2.2 million square feet, COPTis the largest landlord in the park and has leased to the greatest number of cybersecurity firms. Tenants come in the form of nationally renowned organizations such as DreamPort to exciting and fast-growing companies such as Red Alpha, Clarity, Sealing Tech, Visionist, Optiv and Leap Orbit.
Interior image of 6950 Columbia Gateway Drive in the Columbia Gateway Innovation District
“We had tremendous results in 2019 and are eager to make 2020 another successful year,” stated Paul R. Adkins, COPT’s Executive Vice President & Chief Operating Officer. “Continuing to provide appealing experience driven workplaces based on the needs of growing cybersecurity, advanced technology and defense tenants, remains a top priority for COPT and the success of our growing leasing portfolio.”
Interior image of 6950 Columbia Gateway Drive in the Columbia Gateway Innovation District
In addition, demand in College Park, Maryland and Huntsville, Alabama are outpacing supply and COPT has built speculatively to create inventory. Over the past few years, COPT has delivered three speculative buildings in Huntsville and one at 5801 University Research Court in College Park at the University of Maryland Discovery District. All four buildings are 100% leased.
Cybrary at 5801 University Research Court in the Discovery District
For more information about COPT and how to join the growing communities, visit www.copt.com.
About Corporate Office Properties Trust (COPT)
COPT is a publicly traded real estate company that specializes in developing and operating office buildings in locations that support the United States Government and its defense contractors, as well as organizations in the information technology and cybersecurity industries. For more information, please refer to www.copt.com.
