Levy Realty Advisors is pleased to announce another year of growth and success.
During 2018, Levy (www.levyrealtyadvisors.com) closed a total of 336 leases, totaling 1,022,040 square feet of commercial and industrial deals and increased the size of its property management portfolio from 2.75 million square feet to 3.35 million square feet.
Of the 336 total lease transactions, 312 were for properties managed by Levy Realty Advisors. 138 of the transactions were secured with new tenants while 174 represented renewals. In addition to the 321 leases at Levy-managed properties, 24 leases were secured at properties outside of Levy’s property management portfolio.
“2018 was another strong year for us,” commented Levy Realty Advisors’ Broker and President Alan Levy.
“We saw a lot of leasing activity, rising rents, and consistently positive absorption across our entire portfolio,” added newly appointed Levy Realty Advisors’ Chief Operating Officer Josh Levy. “The average industrial vacancy rate is only 2 % and 7% for our office buildings. In this tight market, tenants are paying substantially higher rental rates which increased by an average of 14.2%. We anticipate that 2019 will be another great year for owners of commercial and industrial real estate.”