Best Buy Lease Signed!
EverWest is pleased to announce the delivery of its 500,400 square foot Class "A" warehouse and industrial facility in Glen Burnie, MD. EverWest, with its local development partner, Cheaspeake Real Estate Group, was able to secure a lease for the entire building with Best Buy during the initial phases of construction.
Additionally this year, EverWest signed 54 leases nationally, totaling over 1.6 mm square feet, with other notable tenants such as Alaska Airlines, Fidelity National Title, Merrill Lynch and Yusen Logistics. The mean average lease term has been just over five years based on volume, however, based on square footage, 87% of the leases signed in 2018 have had a lease term between five and fifteen years. We've seen an increase in tenants willing to sign longer lease terms, that come with a higher capital contribution. In the office sector, 30% of our leasing this year has come with a price tag exceeding $60 per square foot in tenant improvement allowances.
EverWest is proud to bring value to its clients by developing strong relationships with tenants in the markets in which we operate and solidifying strong returns on investment.