Firm Reports New Leases, Openings Totaling 85,000 SF Over 18 Months
As Americans’ focus on getting and staying in shape continues to gain momentum, fitness chains -- in a range of price points and sizes – remain among the most active tenant categories leasing retail space, according to Levin Management Corporation (LMC). Illustrating this trend, the commercial real estate services firm reports new gym leases and openings totaling just over 85,000 square feet throughout its portfolio during the past 18 months.
“With New Year resolutions for healthy lifestyles on everyone’s mind, this is a good time to reflect on the vital role fitness tenants are playing in shopping center tenant mix,” noted Matthew K. Harding, LMC president. “They have become sought-after center staples and are significant traffic drivers, which benefits their co-tenants. Gyms also are wonderful neighborhood amenities, providing consumers with a convenient and cost-effective way to achieve their health and fitness goals.”
Much of the LMC’s fitness chain leasing activity involves growing national brands looking to expand their presence in the Northeast marketplace. Most recently, in December, 24 Hour Fitness opened at Post Road Plaza in the Village of Pelham Manor, N.Y. In New Jersey, The Zoo Health Club and THE MAX Challenge are gearing up for early 2018 openings at Somerset Shopping Center in Bridgewater and Blue Star Shopping Center in Watchung, respectively. Other recent additions include Orangetheory Fitness at Bradford Plaza in West Chester, Pa., and Crunch Fitness at Rutgers Plaza in Franklin Township, N.J.
As health-conscious Americans become increasingly focused on diet and exercise, the personal fitness industry is thriving. According to the International Health, Racquet & Sportsclub Association’s (IHRSA’s) 2017 Health Club Media Report, 57.3 million people were health club members in 2016, and these clubs generated $27.6 billion in revenue, an increase of 7.2 percent over the prior year. The report also shows that 66.5 million consumers used a health club in 2016, an all-time high since IHRSA began tracking consumer statistics in 1987.
For more than 65 years, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. LMC today maintains a diversified, retail-focused portfolio of approximately 100 properties totaling 14 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.
