ORLANDO, Fla., July 30, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that during the second and third quarter to date of 2013, Parkway has signed over 1.0 million square feet of leases. The leases signed during the second quarter represented 578,000 square feet at an average rent per square foot of $28.13 and at an average cost of $4.78 per square foot per year. This leasing activity consisted of 95,000 square feet of new leases at an average rent per square foot of $23.39 and at an average cost of $6.04 per square foot per year, 84,000 square feet of expansion leases at an average rent per square foot of $28.46 and at an average cost of $5.13 per square foot per year, and 399,000 square feet of renewal leases at an average rent per square foot of $29.18 and at an average cost of $4.35 per square foot per year. The rental rate for renewal leases represented on average a 6.5% rate increase from the expiring rate. Additionally, since the end of the second quarter, Parkway has signed a total of 452,000 square feet of leases as of July 29, 2013.
James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We have made significant progress over the past four months executing the leasing strategies we have implemented at our properties. We believe that this leasing velocity further validates both the quality of our assets and the growth dynamics existing in the submarkets we have targeted, particularly at our recently acquired core-plus and value-add investments. Nearly 400,000 square feet of these executed leases have been at assets acquired during or since the fourth quarter of 2012."
Listed below are certain significant signed leases: