the on productively conference our will morning, this everyone. good earnings for remarks we'd interest bit opening second In to My as like it possible, of XXXX quarter as change up using today. Tejal, us joining time and call. you, trends and our and highlight provide leasing key performance a you Thank Steve that elements this second within up Starting national the main of informing call allocation real assumptions. further estate estate takeaway market with capital contractors. XXXX The a of our on a real then a its towards understanding the updated maximize improving potential strategy significance the are quarter on guidance relevance DC greater decisions. gaining the tenant's color office. focus like our will real DC to space of strategy. key that we'd ours. to of on Metro The to landlord's even dependent Today, expected the budget solid and depend ability estate is upside is regional large trend accelerate, the while federal government with will is portion in made where base leave is from region, of flexible Thanks demand is greater
contracts the quickly competitive national the years with anticipation of large rate nearly XXXX, of Omnibus fiscal of new in of contract region for of which wide Bill increases Metro the where these very are was unemployment greater to XXXX XX below has amenities. contractors the available With increases end the contractors points tenants federal rate. in awards, a talent spending at fiscal up range Some year authorized that awarded amenities or spending continue May many the demanding gearing following competitive the the X.X% national attract retain have and for importance and passage and best will flexible Similarly, large contracts March. basis DC to the of existing on in of space been Spending is trend fuel XXXX demand terms
feet increase asset to XXXX and available there around research, conducting our with in be we nearly worked research space are that contract with to recently in in proprietary in XX,XXX becoming data XXXX. performed have XXX an or and that around showed congressional Codes government of square year-over-year XXXX ZIP XX% The tower, for Arlington increased imminently expecting Arlington be work funding quarterly fiscal example, contract awards within been in a and to office For year than Tower. are contractors awarded funding greater in
market large located to wins just a a flexible trend, fact, a The XX,XXX Space square been this to Plus contractors amenities. half the Plus have leased small that block majority program branded the XX% recently delivered. Space of tenants' currently buildings. were program and in is growth tower. Wilson, for Arlington June The located flexibility, couple increasing meet XXXX program portfolio-wide feet XX remaining XX% are that designed demand in our and asset and already from space office by away contract In is structural across leased with of we XX a our speed currently developed has competitive having spaces space Anticipating
We rents X% achieved an at the are have premium XX% to market. that to
to premium and We Tower spaces buildings pipeline the X space XX have another XX,XXX across square of low-teens will X in expected available that floors X will This with Space at for our for some over of spaces. months. XXXX, XX feet premier include next be in will deliver Arlington a that the Plus lease more
able of leases. few there the twice TI spaces of the have dollars renewal the few to initial The improvements smaller an tenant are been and spend second-generation reutilize leased While long-term improvements. very capital the small for spaces standard additional within fraction a even flexible new leases we second-generation required Plus program, signed, fraction the tenant that have of and first-generation on approximately currently for the are Space been XX%
we Wilson, have a of the $X and average example, our slightly years the For the for of program XX% $XX that approximately a or released. footage been four over in tenant range improvements foot has XXXX second-generation on of an spent on out foot building term square renewed spent spec suites achieved at
itself available spec the and ways. two currently vast options from Our Space program significant of number Plus differentiates suite in co-working
still Plus around target successful a Whether shared of a customer and creates second, the suite's novel culture seen of the that Space in offers Targeting First, that one common corporate prioritize tenants, the options in of really fits it completely a much emphasizes to in that the Plus are way recognition it's identity in lease spaces achievable Space own ever co-working that level co-working companies space brand, design program coming flexibility not or And companies offers on spec suite terms, in private office, out the their and experience. those market. is spaces. office flexible with high-quality co-working the space, service but customizable of fact size all.
that months, is has decision region's space more or build tenant permitting less addition own existing move-in pre-build a ideal the tenants have for a out detailed, demand proactively DC process X embark immediate I one protracted. propelled that than long-term which can In flexible even the our the Metro achieve approximately macro become with to has space to Without program is our fact fastest to on program, now drivers factor space prospective to X requirements. is the
in I views. for views the replicated. on the that space retail, Before In I be office would cannot with strong amenities amenity move our to the race, region like mention office demand to remain one
XXX The desirability views. You thesis either with newly you waterfront on of is renovated our validating views assets have the Watergate or don't.
are now Blank have Rome XXXX. Following market half leased in them, nearly our renovations, that space for and become to are of trading the floors top of square currently XXX,XXX proposals active positive prospects and a predominantly very to with we available X of feet reaction
received as energy- associations interest providers. We as well and and have law-, from technology-focused co-working users
inventory online They online in-store by using their maximizing in-store are and multichannel We and and the retailers fulfillment. are retail, to assets brick-and-mortar online and In unifying operators share negotiations their for trend locations distribution footage floor are see of in and the also toward restaurant ground providers for working with sales square both of the beginning we service other space. retail, tools. between amenity productivity
of retail in development at new region Village Valley renewed stores approach sales the signing negative by to for approximately With of our that XX% are the that brick-and-mortar XXX% times, of drive retail exercising the faster As we and options, Nearly a preleased regards leases leasing and square have our floor to in retention. this at ground half proactive of of this retail, trend in To retained in renewal to tenants rest two Metro renewals a after submarket. quarter has the also closing impact first we opportunities end, where close continue exemplifies retail square operator footage our early today have delivery the feet service intent activity the we construction. DC that new resiliency the retail Spring X.XX strong close online for to driven been of expiring brands year. are to letter on a online of all our our and tenant a the location strong see of food million
LOI in create For the we rents the previous at a Hagerstown, LOI. optimal value XX,XXX vacancy interest XX,XXX square than XX,XXX in signed higher HHGregg entire foot to at receive interest and square we range, and an quality user continues vacancy to in prospects to our have effort with XX,XXX taking for of also retailer foot The asset, an have HHGregg the from space. showing discounters square at Frederick foot the single
continue and active re-leased We with commencing XXXX. leases expect this to year in to are vacancies both negotiations be in
multifamily. to on Moving
across lease were X.X%. remains portfolio's XX.X% A optimized the supply lease at a approximately growth of assets. as on Class trade-outs Class outpacing X% Renewal second trade-outs Class we basis flat our elevated multifamily potential. X.X% with In our strong occupancy new versus broadly board Class of at Ending achieved Class of X.X% was at achieving unit B the A quarter, A rental the trend Class and income a a achieving B we B new While levels, terms deliveries remain growth in at the rent strong. assets
development, the submarkets vacancy such the Arlington, to Trove, the as the in region. among multifamily home South rates with region is continue Our our the submarkets recording which Wellington XXX-unit to broader and outperform lowest
to end, XX% XXX XXX ramping despite have strong left we on-site units of Trove XXXX. the units unit The XX% development. and occupancy program left Wellington unit complete. renovation half program quarter Wellington second now renovation caused Wellington renovate very Riverside at the the complete, Riverside. the At the ending to Wellington had the while and at anticipate a of is by Riverside disruption XX% As We renovate result, maintained the at is up in at we
cost second on that return We mid-teens invested half the these programs are X been to continue on of date to and a assets expect renovation these have at generating XXXX. dollars to
the are schedule on of construction we with progressing Finally, the Trove.
to the will $XXX of XXXX We Columbia end with to Trove tight to submarket deliveries. expect limited Pike project, gap the at of our as spending the in achieve value propositions Trove jobs and its same eastern this renovated result on the offering quarter are B and $XXX of points believe the and We maintain region units A XXX that deliver creates in and A X the market in third increase The a Class XXXX. a highs. new of units a beneficiary Arlington, migration to with value anticipated price at be a previous Class Phase in Wellington of greatest the from multifamily the near-term South at should relative healthy consistent which Units will strategy offer XXXX labor the site. federal multiple help domestic the consists
committed While our unchanged. remain long-term, allocating criteria multifamily we our portfolio investment to to remain capital stringent
Class which exclusively density. to potential between rents, cost, A located submarkets with that room under-managed, trading that assets We multifamily discount replacement wider-than-average at add unit continue and renovation and have B greater to to a a leads in are consider gap value-add
and Let since Quarterly, XXXX me is spending, is Congressional expected in with in business the federal This $XX.X we growth DC implemented analyze the XXXX. research in region billion the is whose in years DC opportunity to largest Metro estate. combined. sequestration fiscal According the stimulus conclude increase track conducted has a region with to Metro experienced the and receive XXXX to was spending real federal
office, over providing result this the be award private to agencies a in stimulus of in this The a growth approximately time, immigration, to stimulus contractors, multifamily. in government continued provide to likely net will for next is generated as thereby which X.X our Assuming result outsourced jobs years. and should government sector significant increase support contracts retail likely region XX% of
from at Spending Although, positive year government and We XXXX the year, of net X.X north this to has of experienced of in Virginia square negative million feet only only compared feet at could was square more March awarded million end the believe half fiscal is to be federal contractor first year-to-date of absorption there come. X.X XXXX. -- the Omnibus passed heavy on contracts the April Bill
like quarter. I'd to the and discuss over operating turn to in Now second our call financial performance to the Steve
