Leasing activity propels Merritt to highest overall occupancy rate since 2008
Since May 1, Merritt Properties signed 35 deals, totaling 359,945 square feet of warehouse and office space. This growth brought Merritt to a 94 percent overall occupancy rate, the company’s highest rate since 2008, with 139 buildings having achieved 100 percent occupancy.
Merritt’s new leases represent different industries, markets and sizes. While warehouse accounted for the majority of activity with 26 new deals spanning 334,271 square feet across the company’s portfolio, office product amounted to 25,674 square feet and stretched across the region from Towson to Columbia to Northern Virginia.
“Merritt was fortunate to see strong leasing activity originating from a wide range of industry segments,” said Scott Dorsey, CEO of Merritt Properties. “These deals represent a great mix of tenants; not one sector is driving the market.”
From manufacturing to food services to health care, Merritt saw an uptick across the board.
In the educational-services industry, Arundel Christian School signed a lease for 31,200 square feet to accommodate their enrollment growth. Local candy maker Mouth Party Caramels is moving to a new office and manufacturing location at Merritt’s Timonium Business Park to better serve their increasing customer base. INMED Partnerships for Children, an international humanitarian organization, will be utilizing a new office space in Virginia at Merritt’s Class-A Loudoun Tech Center.
Merritt Construction Services, Merritt’s construction division, is completing all of the necessary redevelopments, renovations and interior build-outs for each new leasing project.
About Merritt Properties
Established 50 years ago in 1967, Merritt Properties is the largest privately held commercial real estate firm in Maryland, with nearly 16 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit in the Baltimore/Washington area. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to Creating Homes for Businesses and providing the highest quality service to its customers.