PHILADELPHIA, Sept. 6 /PRNewswire/ -- Real Estate conglomerate Liberty Property Trust has reported lower lease renewal rates than some of its peers, which could hurt its projected profit margin, according to a new newsletter by Local 32BJ of the Service Employees International Union.
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In the first of a series of newsletters distributed to major Liberty Property Trust investors, market analysts, media outlets, consumer groups, and business and government leaders throughout the United States, Liberty Property Watch finds that Liberty Trust has had an average renewal rate of 57.8% over the last three years. If that trend continues, the company may need to lease 17 million square feet to new tenants to make up for losses it could incur.
SEIU Local 32BJ also announces a complementary lease audit seminar in late September for tenants in the Delaware Valley area, time and location to be arranged. Tenants will learn how to get the best value out of their lease.
To receive a copy of Liberty Property Watch, please send your contact information via email to
Liberty Property Trust is a $6.5 billion real estate investment trust, which owns over 63 million square feet of office and industrial space in 20 markets throughout the United States and the United Kingdom.
SEIU Local 32BJ is the largest building service workers union in the country, representing more than 85,000 cleaners, doormen, porters, maintenance workers, window cleaners, security guards, superintendents, and theater and stadium workers in New York, New Jersey, Connecticut, Pennsylvania, Virginia and Washington, DC.
© 2006 PR Newswire
