Bethesda, MD - July 13, 2022 - Kenwood Management Company announced today that since January 1, 2022, it has executed 29 leases, representing over $17M in lease value. Nearly $8.5M relates to new lease activity and represents over 55,000 square feet. Kenwood’s portfolio occupancy increased over 250 basis points over the last two quarters to 90.5%.
In addition, Kenwood currently has approximately $1.6M in tenant improvement projects that are underway within its portfolio.Bill Singer, a Principal at Kenwood, said, “Despite the news reports that commercial real estate markets are dead, we have positive results across our portfolio. We have experienced positive net absorption in 2022 with many of the new leases representing 10-year lease terms. Our portfolio has now grown to nearly 200 tenants.”
“We are experiencing good leasing activity in both our Maryland and Northern Virginia properties,” according to Laura Murrer, Senior Asset Manager. Laura added that “Despite supply chain issues and rising tenant improvement costs, by working closely with our existing tenants, prospects, and contractors, we have been able to meet our tenant’s deadlines and remain within budget.”
Kenwood Management is a Bethesda, MD-based commercial property owner and manager. Starting in late 1996, Kenwood’s portfolio consists of 1.4M square feet of office, medical, flex, and warehouse portfolio in the Washington DC and Baltimore, MD markets. www.kenwoodmgt.com