During 2022, Kislak closed 212 transactions valued at more than $1.2 billion. Our sales included 6,500 multifamily units, 500,000 s/f of commercial space and 50 acres for development. Our leases included 140,000 s/f of commercial space. I am very proud of the accomplishments of our entire sales team, especially given the recent challenges in the market.
Kislak has been through many market cycles and if there is one certainty as we enter our 117th year in real estate, it is change. For the last several years and until mid-2022, investors were in bidding wars to purchase properties at very low cap rates, especially multifamily properties in our core markets of New Jersey, Pennsylvania, New York, Delaware and Florida.
Change came with rising inflation and the resulting increases in interest rates and uncertainty that slowed the market, but we continue to do business as we have since 1906. We are out knocking on doors, building personal relationships, and providing our clients with the market information, guidance and service when they need it.
We are constantly asked, “How is the market?” Our markets are relatively healthy. Fortunately, the investment real estate market is resilient, and we continue to have more clients than properties available. As stock market volatility continues, more and more investors are seeking the safe refuge of investment real estate. The multifamily market continues to be the strongest commercial real estate market and the multifamily rental market remains strong. Other types of investment properties in desirable locations remain in demand.
Our commercial sales and leasing division remains very active throughout New Jersey having recently closed a number of high-profile commercial sales and completing a flurry of leases for office, warehouse and retail space, and we expect this activity to continue.
Our sales force is supported by highly skilled marketing and administrative teams that provide critical data and communications to help obtain and close deals. Kislak’s focus on serving as our clients’ eyes and ears in the marketplace is more important than ever. We do the work necessary to help ensure our clients are prepared and informed, as we arrange deals that serve our clients and communities well.
We value our longtime clients, and we cultivate new clients with the long-term in mind. Our longevity in the market means we have established relationships with lenders, mortgage brokers, attorneys, title companies and other key members of the real estate community. We put all of this into the work we do for each and every client, and it pays off in successful deals and long-lasting relationships.
Robert Holland is president of The Kislak Co., Inc.
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