A change in the commercial real estate business is happening, particularly in the rental space market, according to experts at Simone Realty.
Activity for rental space has picked up dramatically since mid-summer. According to John Simone, this shift is across the board for small offices, medical offices and retail tenants.
"This good news comes at a time when there’s not a lot of good news in general," Simone said. "And it impacts all types of tenants, not just the medical practitioners we primarily serve. For example, our properties at Joe’s Crab Shack on Route 1, which just expanded the building, and Dollar Tree on Route 1 and Texas Avenue, continue to stay occupied and flourish."
Simone cites Yardley Town Center as another success story. In the center’s 12 years, it had never experienced multiple vacancies, but in 2010 it had three retail spaces available. Simone was able to fill them quickly while keeping the best tenant mix so the center remains a great place to shop.
"We found tenants that met the criteria for this community shopping center," he noted. "What makes a center great is the right mix, and we were able to accomplish that for the mutual benefit of all the tenants.
And while Simone’s properties are completely full, he still sees many possibilities in the changing commercial real estate marketplace. His medical tenant properties, Capital Commons and Federal City Road, continue to be strong, offering communities family practitioners and specialists in their own backyards.
"We’re fortunate to have the expansion of two major medical centers in our area," Simone added. "That is fueling the solid medical space market."
Three tenants of note: a dentist leased the final space at Capital Commons, a sports medicine practice doubled its space, and a family practice added more patient care areas. The first is significant because a dental office is one of the more expensive to build-out due to its equipment and infrastructure. Performance Spine and Sports Medicine opened just a year ago, yet in that short time needed twice the space to accommodate a growing physical therapy clientele. And Capital Health Primary Care moved its thriving residency program to make room for more doctors and support staff to serve it burgeoning patient base.
"These are significant because they happened in a down market," Simone said. "We’re seeing so much residential real estate growth in the Lawrenceville and West Windsor areas that the increasing need for medical space is not surprising."
Simone Realty has a long history in providing medical office space in New Jersey. Its already fully rented properties are comprised of general medical practices, orthopaedic physicians, psychologists, spine and sports medicine, dentists, and other medical professionals. The fastest growing segment of Simone Realty’s business is medical professionals, doctors, lawyers and accountants. For more information: 609-882-1105, www.simonerealty.com or firstname.lastname@example.org.
Simone Realty, Inc., 100 Federal City Rd. C-101, Lawrenceville. 609-882-1105, fax 609-530-1037. www.simonerealty.com.