Question-and-Answer Session
Operator
Thank you. And ladies and gentlemen at this time we will conduct the question and answer session. (Operator instructions) Our first question comes from the line of Michael Bilerman from Citigroup. Please go ahead.
Irwin Guzman – Citigroup
Good afternoon. It's Irwin Guzman here with Michael. Mike, you talked about, I believe, finding 2000 square feet of Turn-key space delivering in the second half. Can you talk about how much that is leased and what the timing of commencement is between the third and the fourth quarter?
Mike Foust
It's coming online fairly well distributed – I would see more slanted toward the fourth quarter. About 124,500 square feet of that which would represent the Aircom building in Dublin. That is fully wrapped, and – I don't have a break – I would say probably about a third of that space overall is leased, maybe 40% and the rest is –
Irwin Guzman – Citigroup
That's including Aircom or excluding it?
Mike Foust
Let's see, that'd probably be excluding Aircom.
Bill Stein
Irwin, in terms of our signed but not commenced – the backlog, we've got 215,000 square feet that will commence in the third quarter, 30,000 in the fourth quarter, and 132,000 in the first quarter of 2009.
Irwin Guzman – Citigroup
And are you – in the redevelopment pipeline in general, are you seeing more of a shift toward Turn-key spaces as opposed to powered based building in terms of demand? You previously talked about a 50-50 spread. Is that moving more toward Turn-Key?
Bill Stein
Yes. The last quarter particularly was almost 100% Turn-Key space in terms of leases that we signed and now that trend will balance a little bit but we're seeing for the year should be significant majority of Turn-Key space.
Irwin Guzman – Citigroup
Can you talk a little bit about cloud computing? A lot of telecom and internet enterprise companies are out there offering cloud computing reduce sort of Datacenter storage demand? When you think about the 420 mega watts demand that you said you're tracking, how much of that do you think could be served by this type of product?
Bill Stein
Well, cloud computing means – it's private different types of applications. So, you have cloud computing or utility computing within a company, and that's what we're seeing a lot of the demand especially from the financial services industry where they are ratcheting up and down computing power for different applications, especially highly computational type applications and risk management and derivatives pricing in to such. You also have cloud computing referred to where you have online applications where instead of running your Microsoft applications on your PC, they'll be run out of a datacenter that Microsoft would host. That's another type. Sometimes, people call the software, the service.
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