Bergen County continues as active submarket.Bergen County continues as active submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. Despite the doldrums doldrums (dŏl`drəmz) or equatorial belt of calms, area around the earth centered slightly north of the equator between the two belts of trade winds. of the New Jersey commercial real estate market, Bergen County continues to perform as the state's most active and resilient See resiliency. submarket. Situated at the northeast corner of New Jersey, Bergen County has long been known for its prestigious corporate headquarters, regional shopping malls and affluent residential communities. With nearly 25 million square feet of existing space and 5.6 million square feet of available space, Bergen County is the Garden State's largest submarket. In fact, Bergen County contains nearly 20 percent of the entire inventory of the twelve-county Northern New Jersey office market. Throughout the first quarter of 1991, leasing activity in Bergen County was exceptionally strong, with over 736,000 square feet of space leased. In comparison, over 1.9 million square feet of space was leased in the entire twelve-county Northern New Jersey market. The largest transaction was in Montvale at the Grand Met building where Ed Bennett Consultants leased 118,000 square feet of space. Several other notable transactions include the 27,000-square-foot lease for Transamerica/Flood Hazard at Alfred Sanzari's Heights Plaza in Hasbrouck Heights Hasbrouck Heights (hăz`br  k), borough (1990 pop. 11,488), Bergen co., NE N.J., a residential suburb adjoining Hackensack; settled c.1685, inc. 1894. and Globe Mortgage's 26,000-square-foot transaction at Fairleigh Dickinson University's University Plaza in Hackensack. The three-building University Plaza proved to be one of the most active office developments in Bergen County as New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Switch Company, Steven Appollo, Esquire, and the Purip Company also signed leases at the 475,000-square-foot corporate campus. Even with this significant leasing activity, Bergen County's vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate increased from 20.4 percent recorded in the fourth quarter of 1990 to the first quarter 1991 rate of 22.6 percent. This increase can be attributed to the combination of corporate consolidations, various sublets coming on the market (528,776 square feet of available sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space) and the addition of new office space. The most notable new building which was added to Bergen County's inventory is the 225,000-square-foot Overpeck Office Park II in Ridgefield Park Ridgefield Park, village (1990 pop. 12,454), Bergen co., NE N.J., on the Hackensack River; inc. 1892. Chiefly residential, it manufactures some paper goods. . Only 125,000 of the 225,000 square feet of space is still available since Cushman & Wakefield pre-leased 100,000 square feet to Mellon Bank. For the remainder of 1991, Bergen County should continue to be New Jersey's most active submarkets in terms of leasing activity. Richard Baumstein Senior Director Cushman & Wakefield of New Jersey, Inc. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion