Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) And our first question comes from the line of Michael Bilerman with Citi. Please go ahead.
Irwin Gusman – Citi
Good morning, it’s Irwin Gusman here with Michael. Mike, there was some news over the last couple of weeks about new data center technology being marketed by Dell that effectively allows data centers to run at higher temperatures, the purpose of which is to reduce obsolescence in legacy data centers. Can you explain that technology a little bit and how you see it sort of affecting demand for your product?
Michael Foust
Yes, it’s not a new technology at all. It’s marketing, trying to sell more Dell service, which is good. I mean, we already won our data centers at temperatures well into the 70-degree Fahrenheit up to the mid-70s depending on the circumstances. So, this isn’t really anything new and in that particular article, the ASHRAE and standard they were talking about being set was standards that our engineers participated on the standards setting committee. So, it’s no new news, but just good operating practices though that they are pointing out that you can’t run these facilities much higher and so at the higher temperature – so you can lower your cooling costs and run your data center more efficiently.
Irwin Gusman – Citi
Fair enough. And some of your publicly traded peers have talked about slower rates of bookings among enterprise tenants. Can you talk about what you are seeing and sort of layer that into the analysis that you did that was just published a week ago?
Michael Foust
Sure. We are seeing our velocity of signings and levels of demand staying pretty steady from what we have seen in the previous quarters. So, we haven’t seen any material change at all to our experience with our prospective customers. So, it’s kind of moving along at relatively the same pace.
Irwin Gusman – Citi
Would you say that financial services is still – I think you mentioned 30 to 40% of sort of external demand or the demand that you are tracking for your development pipeline?
Michael Foust
Probably around 25% or so roughly.
Irwin Gusman – Citi
Okay, thank you.
Operator
Thank you. Your next question comes from the line of Jordan Sadler with KeyBanc Capital Markets. Please go ahead.
Jordan Sadler – KeyBanc Capital Markets
Hey, guys. Just – coming back to the construction, what’s under construction at year-end, I think you mentioned in your comments it’s in the supplement of about 408,000 square feet. Two questions about it. One, it doesn’t look like the Manassas property is included in there and just if you could confirm that and then second, could you tell me – characterize how leased this portion of the pipeline is or how leased that portion of the pipeline is?
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