Liberty Property Trust today finalized 13 lease transactions in Hampton Roads during the first quarter for a total of 86,892 square feet of space. “We are seeing very good momentum in the market right now, which is continuing into the second quarter,” Craig Cope, vice president and city manager for Liberty’s Virginia region, said in a statement.
The quarter was marked by two expansions (totaling 13,327 square feet), five new leases (totaling 48,728 square feet) and six renewals (totaling 24,837 square feet). Several buildings reached 95-100% occupancy, while the region’s overall occupancy rate remains at 92%.
Two of the larger transactions include Verizon Wireless renewing a lease for 12,258 square feet and CACI expanding into 8,143 additional square feet, both in Chesapeake.
Liberty Property Trust, based out of Malvern, Pa., owns and manages a combined 1.8 million square foot warehouse and office portfolio in Hampton Roadsand a four million square foot warehouse portfolio in Richmond, Virginia.
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