Mid Atlantic Real Estate Journal — Commercial Office Spotlight — February 27 - March 12, 2015 — 13C NAI E mory H ill
NAI Emory Hill Sussex County, Delaware Market on the Move!
ot only is spring on the horizon in Sus- sex County, DE; so is
ages continue to move to our coastal area. “ The announcement of the Bayhealth Medical network expansion in Milford and the probability of the Beebe Healthcare expansion in the Rehoboth-Lewes area demon- strate a growing need for med- ical and healthcare facilities and personnel. The need for quality office space is increas- ing as demonstrated by the low vacancy rate of approximately 6-7% along the Rte. 1 corridor. Rental rates vary based on age and location, and generally new space is renting in the $18-$22/s/f range.
Sussex County also saw not only more seasonal, summer visitors than ever before this past year, but an increasing amount of visits during the fall and spring “shoulder” seasons. The attraction continues to be seaside relaxation and recre- ation, low real estate taxes, affordable living costs, and no sales tax. The east-west arterials on Rte. 9, Rte. 24 and Rte. 26 are also growing as the popula- tion further west continues to expand. Infrastructure and services, however, are slower to keep up. Those residents relocating to communities
in western Sussex County also visit the coast to enjoy entertainment, the beach, boardwalk, restaurants and charitable and social events. Growth poses challenges, and from May until October there is increased traffic not only on Rtes. 1 but on Rte. 9, 24 and 26. However, DelDOT road improvements are taking place with sidewalk construc- tion on Rte. 1 and road widen- ing on Rte. 26. Retail development is also increasing, with more activity along the Rte. 1 corridor from the Nassau Bridge to Dewey Beach. Rental rates remain
solid and range from $18-$23/ SF, again, depending on age and location. “Look for more national retailers to enter our market, another sure sign of positive growth,” Bailey said. Ann Bailey is a broker withNAI EmoryHill, which represents NAI Global in DE and Cecil County, MD and is a division of the Em- ory Hill Companies, which provides Delaware and the Mid-Atlantic region with commercial real estate brokerage, construction, property management, maintenance and residen- tial real estate sales. n
an increase in commer- cial real es- tate growth a c c o r d i n g t o b r o k e r Ann Bailey, CCIM of NAI Emory Hill’s Lewes office.
“We are experiencing a rise in rental rates in both the office and retail sector, not only along the Rte. 1 tourist corridor but along the east- west arterials as well,” Bailey said. “Steady economic growth in the region is driving this increase as more people of all NAI Emory Hill lists two new major residential devs. for sale in Kent County Kent County , DE — Two new major mixed-use residential developments are coming to Kent County: Homestead, a 182-acre site in Milford, and Spring Hall, a 238-acre site in Frederica. NAI Emory Hill’s Jon Hick- ey of the New Castle, DE office and Ann Bailey of the Lewes office, together will be representing the land owner of the two develop- ments, which were just listed for sale this week. “These two developments will liter- ally change the face of Kent County,” said Hickey. Homestead’s site plan in- cludes provisions for 1,057 residential units to consist of 299 single family lots, 276 town homes, 82 twin homes and 400 condominiums and/ or apartments. The parcel of land is located on Route 14 just off the intersection of Route 15 within the city limits of Milford. Spring Hall’s site plan is comprised of 935 residential units including 476 single family lots, 309 town homes and 150 twin homes as well as 225,000 s/f of retail land and 110,000 s/f of office land. The development is located on Route 12 (Johnnycake Landing Rd.) just off Route 113 within the town limits of Frederica. Both developments are fully serviced by local utili- ties (water, sewer and elec- tric) and can be sold in their entirety or in parcels. n
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18335 Coastal Highway • Lewes, DE 302.827.4940 • www.emoryhill.com
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