Despite high office vacancies in Northern Virginia, recent reports reveal that the narrative of widespread downsizing isn’t entirely accurate. According to CBRE, 75% of transactions over 10,000 square feet in the second quarter had a positive or neutral impact on absorption. Aerospace and defense sectors particularly contributed to positive absorption. Northrop Grumman signed a flat renewal for 310,000 square feet in Fairfax and 24,000 square feet in Chantilly. Bechtel Corp. expanded its headquarters lease to 289,000 square feet in Reston Town Center, supporting global operations. KBR Inc. also renewed its 105,000 square feet lease in Fairfax County. These renewals underscore the resilience and growth within these sectors, even as overall vacancy rates rose to 24%, with negative net absorption increasing to 406,000 square feet.
Layoffs: Lockheed Martin
Lockheed Martin, the aerospace and defense giant, is cutting 68 jobs in Sunnyvale and Palo Alto, with layoffs effective June 10. This move is part of a larger trend affecting the Bay Area tech industry, including Coherent and Hinge Health, which are also reducing their workforce. In April alone, tech companies announced nearly 1,000 job cuts in the region. These layoffs add to the significant total of over 38,800 positions eliminated across the Bay Area’s tech sector in the past few years.
Hiring: Boeing
Boeing is set to create 400 high-paying jobs by 2026 at the new Cici and Hyatt Brown Center for Aerospace Technology at Embry-Riddle Aeronautical University in Daytona Beach. This partnership will primarily involve hiring engineers to work on advanced projects in the Defense, Space & Security division, including fighter jets and autonomous drones. The move aims to boost economic development in Volusia County and aligns with Boeing’s broader growth strategy, ensuring a bright future for the region and the aerospace industry.
Cleared Employer at Work: CISA
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Opportunity to Watch
Rancher Government just scored big by landing a spot in the DoD’s Enterprise Software Initiative (ESI) DevSecOps Phase II SEWP Marketplace. This means they’re now officially recognized as a key player in providing top-tier, secure cloud-native Kubernetes and container solutions for the U.S. government. CEO Paul Smith calls the win a testament to their tech’s robustness. They’ll be teaming up with partners like FCN IT and Carahsoft to streamline and boost the DoD’s IT modernization efforts. Expect faster, more efficient deployments of cloud-native tech in defense ops!
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