Business & Tech

Huge Number Of Reston Town Center Merchants Are Leaving: BXP

A staggering 200,000 square feet of space will be vacated at RTC in 2018, Boston Properties said in their quarterly earnings call.

RESTON, VA -- Boston Properties expects 200,000 square feet of space to be vacated at Reston Town Center in 2018, a company official said during the BXP quarterly earnings call on Thursday.

While 97 percent of RTC retail space is currently leased out of 3.6 million square feet, "we have 200,000 square feet of known move-outs at lease expiration where we expect vacancy in 2018," said the BXP official during the call.

"We have expanding tenants within the center who will likely take up a portion of the space, but we will have some downtime that will impact our NOI [net operating income] growth in the portfolio," he said.

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The official did not expound on why that was the case. Many RTC retailers have been upset with Boston Properties due to the introduction of paid parking in January. While BXP scaled back paid parking hours in response to the outcry from merchants and residents alike, the merchants said they were still suffering in terms of sales due to paid parking keeping away customers.

Aaron Gordon, owner of Red Velvet Cupcakery, told Patch earlier this year he believed he was being forced out by Boston Properties due to his outspoken opposition to paid parking.

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Image: Patch staff


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