As we’re reporting in today’s Federal Times, dozens of federal building projects are on hold because of the worsening credit crisis.
The problem is especially severe for so-called build-to-suit lease projects, which are new facilities built to agency specifications and owned by private developers, then leased back to the government. The General Services Administration has nearly four dozen such projects on standby right now, some dating back five years.
Hours after we wrapped up this week’s issue on Friday, the General Services Administration provided us an updated list of the projects that are on hold.Â Most of the buildings are for the FBI, but a number of other agencies are affected too.
It just goes to show that no one, not even the federal government, is immune to the slumping economy.