Sign in Subscribe
Commercial leases

Plymouth Announces Second Quarter 2024 Leasing and Development Activity

Strategic Insights

— 2 min read

Plymouth Industrial REIT, Inc., a full-service, vertically integrated real estate investment company, announced its leasing and development activity for the second quarter of 2024. The company's leasing activity included a total of 1,811,939 square feet of leases commencing during the quarter, with 1,610,786 square feet of renewal leases and 201,153 square feet of new leases. These leases resulted in an 18.8% increase in rental rates on a cash basis, with renewal leases experiencing an 18.8% increase and new leases experiencing a 19.5% increase.

The company's total portfolio occupancy was 97.0% as of June 30, 2024, with same-store occupancy at 98.2%. Plymouth also announced that it has executed leases scheduled to commence during 2024, totaling an aggregate of 4,654,825 square feet, with 63.3% of total 2024 expirations represented by these leases.

Plymouth continues to market its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, with six active prospects, including three full-building users. The company also announced several notable leasing activity among its top 10 tenants, including a one-year extension with Royal Canin and a three-year extension with Houghton Mifflin.

Development activity is progressing, with the final project in the first phase of Plymouth's development program, a 52,920-square-foot, fully leased building in Jacksonville, expected to come online in the fourth quarter of 2024.

Key Takeaways:

  • Plymouth announced 1,811,939 square feet of leases commencing during the second quarter, with 1,610,786 square feet of renewal leases and 201,153 square feet of new leases.
  • These leases resulted in an 18.8% increase in rental rates on a cash basis, with renewal leases experiencing an 18.8% increase and new leases experiencing a 19.5% increase.
  • Total portfolio occupancy was 97.0% as of June 30, 2024, with same-store occupancy at 98.2%.
  • Plymouth executed leases scheduled to commence during 2024, totaling an aggregate of 4,654,825 square feet, with 63.3% of total 2024 expirations represented by these leases.
  • Notable leasing activity among top 10 tenants includes a one-year extension with Royal Canin and a three-year extension with Houghton Mifflin.
  • The final project in the first phase of Plymouth's development program, a 52,920-square-foot, fully leased building in Jacksonville, is expected to come online in the fourth quarter of 2024.

Statistics:

  • 1,811,939 square feet of leases commencing during the second quarter.
  • 1,610,786 square feet of renewal leases and 201,153 square feet of new leases.
  • 18.8% increase in rental rates on a cash basis.
  • 97.0% total portfolio occupancy as of June 30, 2024.
  • 98.2% same-store occupancy.
  • 4,654,825 square feet of leases executed for 2024.
  • 63.3% of total 2024 expirations represented by these leases.
  • 769,500 square feet of Class A industrial building in the Metro East submarket of St. Louis, marketed with six active prospects.

Sources:

  • Press Release, Plymouth Industrial REIT, Inc., "Plymouth Announces Second Quarter 2024 Leasing and Development Activity" (July 8, 2024).
  • COMTEX_454823407/2010/2024-07-08T07:01:03.

Read more