The RMR Group Reports Approximately 1.9 Million Square Feet of Leasing Activity for the Three Months Ended March 31, 2023
05/10/2023 - 08:00 AM
65 Leases Executed for a Weighted Average Lease Term of Nine Years
NEWTON, Mass. --(BUSINESS WIRE)--
The RMR Group (Nasdaq: RMR) announced the execution of 65 leases for approximately 1.9 million square feet on behalf of its clients during the three months ended March 31, 2023, including 28 leases with new tenants for approximately 433,000 square feet. The 65 leases executed had an average roll up in rents of 1% and a weighted average lease term of 9.1 years.
Adam Portnoy, President & Chief Executive Officer , made the following statement:
“Despite a challenging economic environment for commercial real estate, RMR achieved strong leasing activity of 1.9 million square feet while maintaining relatively flat rent rates, ending the quarter with a combined occupancy rate of nearly 96% .”
The RMR Group provides asset and property management services nationwide for over 1,300 properties with approximately 114 million square feet of office, industrial, medical office, life science and retail space. RMR exclusively provides property management services to its clients and does not offer standalone property management services to third-parties.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by approximately 600 real estate professionals in more than 30 offices nationwide who manage over $37 billion Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20230509006267/en/
Christopher Ranjitkar
Source: The RMR Group Inc.
RMR Group Inc (The)
NASDAQ:RMR
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Other Activities Related to Real Estate
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Real Estate and Rental and Leasing
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Finance, Real Estate Development, Real Estate and Rental and Leasing, Other Activities Related to Real Estate
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US
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Newton
About RMR
the rmr group llc, a subsidiary of the rmr group inc. (nasdaq: rmr), is an alternative asset management company primarily focused on real estate related businesses. founded in 1986, the rmr group has grown to one of the leading real estate investment managers in the u.s. with, as of december 31, 2016, approximately $27.2 billion of total assets under management, including more than 1,400 properties, and employed over 450 real estate professionals in more than 30 offices throughout the united states; the companies managed by the rmr group llc collectively had over 53,000 employees. the rmr group provides management services to four publicly traded reits, three real estate operating companies, one real estate securities ,mutual fund and a firm specializing in commercial real estate finance. for more information on the rmr group, please visit www.rmrgroup.com.
