MIRVAC Industrial Trust has leased over 321,546 sq ft (29,873 sqm) across its Chicago-based industrial portfolio.
These transactions represent 2.1% of the trust’s portfolio by area and maintain the trust’s weighted average lease expiry, by area, at 4.0 years.
The lease expiries, by area, have reduced to 14.1%, down from 14.8%.
The vacancy rate in the portfolio, post settlement of announced sales, is 9.9%.
The trust has now executed lease renewals of 1,852,717 square feet (172,123 sqm) in FY07 that show a same store rental growth of 7.5%. The trust has also executed leases over 606,872 square feet (56,380 sqm) of previously vacant space in FY07, which show a combined 6.2% premium to the rates budgeted for those tenancies.
Australian Property Journal
