Real Estate Journal — DelMarVa — July 15 - 28, 2016 — 13A
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M id A tlantic
D el M ar V a By Casey H. Kenton, Investors Realty, Inc. Kent County, DE – Office and Retail market update
A
the space, we secured a lease with Brick Works Brewing & Eats, a collaboration of a suc-
fter several years of fairly stagnant office leasing activity, the
has already established a good following of patrons. In November of last year,
to lease a contiguous vacant space for a total of 5,350 s/f. In addition to these two
retail space is slowly improv- ing in Kent County as a result of limited supply for Class A space and the steady continu- ous growth in the residential housing market. Investors Realty, Inc. is a diversified property manage- ment company based in Do- ver, DE that manages several Class A office parks located in the Smyrna and Dover, DE markets. Casey H. Kenton is the director of commercial leasing for Investors Re- alty, Inc. based in Dover, DE. n
commercial office and retail sec- tor is final- ly showing significant signs of im- provement i n K e n t C o u n t y , DE.
The demand for office and retail space is slowly improving in Kent County as a result of limited supply for class A space and the steady continuous growth in the residential housing market.
cessful restaurant operator (Kevin Reading of Abbotts Grill) and a local brewery, Mispillion River Brewing. After an extensive fit-out, the brewpub hosted its grand opening in early June and
we replaced a local medical tenant in one of our larger suites of 3,500 s/f with a State sponsored community outreach program, Connec- tions. In addition to the 3,500 s/f space, Connections agreed
transactions, we secured two smaller leases with a real estate office, Berkshire Hathaway Home Services and an All State insurance franchisee this spring. The demand for office and
Casey H. Kenton
Kent County, DE has ex- perienced a slow and steady growth in the residential sector over the past decade due to its geographic loca- tion, low property taxes and the fact that Delaware is a no sales tax State. Over the past 15 years, Kent County, DE has experienced a 35% increase in total population. Not only has Kent County served as an attractive ha- ven for retirees but it is also a relatively easy place to do business for employers and entrepreneurs in compari- son to New Castle County and neighboring counties in Maryland. The Town of Smyrna, DE has increased its population by nearly 85% over the past 15 years due its business friendly climate and progressive administration and Town Council. Since the economic crash of 2008, the office/retail market has shown negative progress however we are finally seeing leasing activity as a result of the loosening of credit, the reduction in quality supply and the improving economic conditions. We believe that lower Delaware will continue to attract residents and busi- nesses from the surrounding states due to the quality of life, a more attractive tax structure and its business friendly climate. Within the last six months, we have filled four vacant spaces totaling 13,000 s/f in Smyrna, DE with quality tenants and have increased overall occupancy by 20 per- cent after nearly eight years of idle progress. One of our greatest chal- lenges over the past two years was finding a suitable tenant for a 5,200 s/f free standing former restaurant located at Commodore Commons, an office/retail park located on Rt. 13 in Smyrna. After can- vassing the Delaware market for quality restaurateurs for
Kent County, DE Office Space For Lease
Investors Realty, Inc..
+/- 2,250 SF $16.50 Per Ft. NNN Millstone office complex - Suite 3A 1673 S. State St., Dover, DE
+/- 2,520 SF $16.50 Per Ft. NNN Millstone office complex - Building 5 1695 S. State St., Dover, DE
3,110 SF $18.00 Per Ft. NNN Commodore Commons - Suite 102A/B 230 S. DuPont Blvd. (Rt. 13), Smyrna, DE
1,195 SF $14.00 Per Ft. NNN Town & Country Suites - Suite 3 1000 Smyrna-Clayton Blvd. (Rt. 6), Smyrna, DE
CASEY KENTON, CCIM Direct: (302) 736-0270 Ext. 116 ckenton@i-realty.com www.i-realty.com/commercial
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