Mack-Cali Realty Corporation CLI is experiencing solid momentum in its leasing activities. The company recently revealed leasing of 1.1 million square feet for its office and flex commercial real estate properties during the first quarter. This denotes a 45% increase from the prior-year period.Of the total leasing volume, 35% or 386,000 square feet comprises new leases while 65% or 740,000 square feet includes lease renewals and other tenant transactions. The leasing deals include 82 lease executions in total of which 13 are large block transactions (more than 25,000 square feet), spanning over 845,000 square feet. The transactions include deals with Bank of America Merrill Lynch of Bank of America Corporation BAC, B&G Foods Inc. BGS and United States Fire Insurance, a subsidiary of Crum & Forster Holdings Corp.Notably, at quarter end, this real estate investment trust’s core, flex, and waterfront properties were 90.3% leased and non-core properties were 75.7% leased. The total percentage leased for the company was 87.2%, reflecting a sequential growth of 100 basis points.Moreover, the first-quarter leasing activity helped the company to reduce its 2017 expirations by 330,000 square feet, which is encouraging. Further, management estimates the GAAP roll up for this quarter to be above 18% while cash roll up to be around 10%.Going forward, the company’s focus on the New Jersey Hudson River waterfront and transit-oriented office properties as well as luxury multi-family residential properties is expected to boost its growth. This is because several Fortune 500 companies have their headquarters in New Jersey, while others have a significant presence in the region.Armed with a skilled workforce and a well-established transit network, the region remains a top choice for the company to expand its business. Yet, earnings-dilutive effects of disposition and an anticipated rise in interest rate pose as risks.Mack-Cali currently carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider a better-ranked stock like PS Business Parks Inc. PSB which carries a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BANK OF AMER CP (BAC): Free Stock Analysis Report B&G FOODS CL-A (BGS): Free Stock Analysis Report PS BUSINESS PKS (PSB): Free Stock Analysis Report MACK CALI CORP (CLI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research