Company maintains 93% occupancy rate
Merritt Properties is pleased to announce a customer retention rate of 88% as compared to a typical market average of 80-85%. This retention rate is Merritt’s highest in a decade and equates to 1.3 million square feet in the Maryland and Northern Virginia areas.
The largest renewals represent a cross section of industries, including home and building services, manufacturing, wholesale trade, medical, and government contractors.
Key renewals include Armadacorp Capital, EIS Group, Fidelitone Last Mile, One Diversified, Orlando Products, Polystyrene Products Company. Customers Polystyrene Products Company and Orlando Products have been with Merritt Properties since 1992 and 1993, respectively.
The top renewal submarkets include Southwest Baltimore, Baltimore County, the Route 1 Corridor, Columbia, and the Route 2 Corridor.
In addition to a strong renewal rate, Merritt Properties has maintained a 93% overall occupancy rate over the past year throughout its 16-million-square-foot portfolio.
