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Persistent demand for brick-and-mortar locations throughout 2022 helped boost Levin Management Corp.‘s leasing totals for the year to new heights.

The company closed more than 1.4 million square feet in new transactions, renewals and extensions, and license agreements, North Plainfield-based LMC announced Jan. 9 — besting last year’s 1.2 million square feet.

The firm’s achievements reflect the viability of the retail sector overall, according to LMC, which recently celebrated 70 years in business.

“Industry momentum – and our talented leasing team – propelled LMC to its strongest-ever leasing performance portfolio-wide in 2022, following a record year in 2021,” said Chief Executive Officer Matthew Harding in a statement

Over the past 12 months, retailers opened more stores than they closed nationwide, according to JLL. And LMC, which reported 55 new store openings across its portfolio in 2022, said the trend is likely to continue in 2023.

Across last year’s activity, LMC identified a wide swath of growth categories from national brands, franchisees and independent operators, including: grocery stores, discount retailers, entertainment concepts, pharmacies and home furnishings in addition to fast-casual restaurants, personal care and fitness concepts.

Heading into the new year, Harding described the company’s pipeline as robust. And, in spite of economic headwinds, inflation and supply chain issues, he anticipates 2022’s strong performance will carry into 2023 as retailers keep a close eye on consumer preferences and expectations.

Management concerns

Beyond transactions, the firm also expanded its management portfolio in 2022, with 1.1 million square feet added for new clients — another record for the company.

Over the summer, LMC secured a new client, which brought with it nearly 700,000 square feet in assignments via the addition of shopping centers in Eatontown and Edison along with a 29-property triple-net-leased portfolio to the firm’s management portfolio. LMC also became managing agent for The Shoppes at Old Bridge in 2022. Outside of retail, the company added an office building to its management purview.

And, its construction management team is currently leading development of two speculative warehouse buildings – representing a total 108,000 square feet – at a complex in Piscataway where LMC is the asset manager.

“It’s an exciting time at Levin Management,” Harding said in a prepared statement. “2022 proved to be another banner year for our company in terms of both business growth and leasing volume. LMC’s new hires and organizational advancements will uphold and strengthen our services as we work to deliver the highest-quality expertise to new and existing clients.”

In total, Levin Management Corp. said its portfolio includes 125 properties with approximately 16 million square feet in the Northeast and Mid-Atlantic states.