IMC reports 92% occupancy rate in High Point
Clint Engel -- Furniture Today -- Home Accents Today, 10/11/2012 10:34:34 AM
HIGH POINT, N.C. -- International Market Centers is reporting a 92% overall occupancy rate in its properties here, including some sold-out venues for this week's High Point Market.
It also said that attendees here are benefiting from a multimillion-dollar capital investment program that includes $1 million for Wi-Fi upgrades for all IMC buildings here.
The 92% occupancy rate is for the 6 million square feet of showrooms IMC owns and operates here, including the International Home Furnishings Center, the Market Square complex, Showplace and other venues.
The figure excludes IMC's Showplace West "because it is not up to code and therefore cannot be leased," said Dana Andrew, IMC global vice president of marketing and communications in an email. "We are still determining the best use of this building in the future," she added.
Andrew said IMC was operating as three separate companies a year ago so it doesn't have a comparison occupancy for October a year ago. This past April, however, it reported a 91% occupancy rate, so it gained a percentage point over the past six months.
IMC's High Point buildings have 34 new permanent tenants and 15 showroom expansions, officials said.
Popular destinations InterHall, Salon Pavilions on Main 3 and Showplace First Floor Temporaries are 100% occupied, IMC said. It said IMC's temporary venues have nearly 115 new exhibitors.
IMC said the capital spending plan covers building and infrastructure improvements, including $1 million to enhance Wi-Fi service in IMC lobbies and exhibit areas this market. That is complemented, it said, by the City of High Point's investment in improving wireless service in public areas around the market district.
"There is a deep commitment by our leadership to ensure that our valued clients, guests and business partners have the best possible experience when they invest in and or visit our facilities and the City of High Point," said IMC CEO Bob Maricich.
He said the investments will bring the buildings "to the highest operational efficiency," enabling IMC to better service its customers and will also boost the local economy.
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