ST. PETERSBURG, FL – (January 13, 2014) – After closing out the books on 2013, The Sembler Company observed an increase in growth across markets for new leases.
In 2013, the Sembler Company signed 362,141 square feet of new leases, an increase of 12% over the previous year and 339,314 square feet of renewal leases which was about the same as last year. These numbers include new leases and renewals in the United States and Puerto Rico, and includes both Sembler-owned and third-party owned properties. The breakdown is as follows:
Florida new leases: 215,746 sf
Florida renewals: 258,990 sf
Southeast (other than Florida) new leases: 94,173 sf
Southeast (other than Florida) renewals: 54,170 sf
PR New Leases: 52,222 sf
PR Renewals: 26,154 sf
Stevens Tombrink, Vice President of Business Development for Sembler said of the current marketplace, “The commercial banks are very nearly at the end of their disposition process of REO properties. They have had the properties under their ownership for 1-2 years, had a chance to clean up the A/R, do some leasing if they chose, perform some deferred maintenance and now list the properties for sale.”
Tombrink adds that Sembler’s business focus began transitioning at the end of the first quarter of last year to pursue business in the traditional manner from institutional owners of real estate.
Steve Althoff, Senior Vice President of Leasing and Property Management said of the year, “We continue to lease up the portfolio across the board. Occupancy levels and existing tenants renewals are at a steady pace. We anticipate continued growth in service and value oriented tenants pursuing new locations.”
The Sembler Company is celebrating over 50 years of creating retail real estate value. Sembler provides a full array of retail real estate services, including development and redevelopment, property and asset management, leasing and other related services throughout the Southeastern United States and Puerto Rico. Sembler has developed over 325 projects totaling 27 million square feet and currently leases and manages over 12.5 million square feet. For more information, please visit www.sembler.com.