New Executive Order on Opportunity Zones augers major changes to Site Location Policy for both leased and owned federal space 

Ron Kendall, Executive Vice President , Easterly Government Properties

Opportunity Zones in the U.S.

One of the most consequential recent developments in commercial real estate’s Federal leasing sector is an Executive Order issued August 24, 2020, which changes site location policy for both federal space (owned and leased).  For the past four-plus decades, GSA and other land-holding agencies, when selecting sites for leases or new federal construction projects, have given “first consideration” to “centralized community business districts and adjacent areas of similar character,” in accordance with an Executive Order (#12072) which dates back to the early 1970’s.  Now, however, a new EO, “Targeting Opportunity Zones and Other Distressed Communities for Federal Site Locations” has amended Executive Order 12072 to place “qualified Opportunity Zones (as defined in 26 U.S.C. 1400Z-1), [and] other distressed areas” on the same preference footing as urban central business districts...

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