GVA Williams reports positive outlook for 2005.GVA GVA general visceral afferent system of nerves. Williams New Jersey has released its fourth quarter market report, providing an extensive analysis of the commercial real estate marketplace in New Jersey. This thorough market research report is compiled by GVA Williams' team of in-house research professionals in New Jersey, headed by Matt Dolly, director of research and marketing. The Company is regarded as one of the most respected full service brokerage, management and advisory firms in the commercial real estate industry. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. GVA Williams' research, following a summer slowdown during the third quarter, the Northern and Central New Jersey office market concluded 2004 on a high note. Tenants who were kicking tires for several months finally tabled their deals, helping to reduce the overall vacancy rate to 18.4 percent, representing a drop of 1.75 basis points since the end of 2003. Furthermore, vacancy rates were lower in 8 of 10 tracked counties during 2004, Monmouth and Hudson counties enjoying the lowest rates at 11.06% and 11.50% respectively. Large tenants were largely responsible for this drop in vacancy. During 2004, there were 35 transactions in which tenants took over 50,000 square feet, for a total of nearly four million square feet, compared to only 26 transactions compiling roughly 2.8 million square feet during 2003. Looking ahead, there is roughly 7.5 million total square feet in the pipeline comprised of tenants of looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. 50,000 square feet or more. Asking rents dropped slightly during the quarter, averaging $23.71 per square foot gross plus tenant electric. The amount of available sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. space also decreased and now represents only 18.8% of overall vacant space, down from 22.8% a year ago. The stock market reported good news late in December as the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. reached its highest level in 3 1/2 years. More locally, according to the New Jersey Business & Industry Association (NJBIA NJBIA New Jersey Business & Industry Association ), New Jersey companies expect 2005 to be the best year for business since the early stages of the recession. Amidst reports of downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing among a few Fortune 500 companies, small and mid-sized companies expect to hire in 2005, especially with the consistently strong economic reports coming from the State. For the month of November, New Jersey's unemployment rate decreased by 0.3 percentage point from October and is down to 4.4 percent, 1.1 percentage points lower than a year ago and 1.7 percentage points lower than its peak of 6.1% in July 2003. Unlike its neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. states, New Jersey has regained all of the jobs lost during the recession. Employment is expected to grow 1.6% in NJ in 2005--reflecting a positive outlook for those in commercial real estate. More importantly for the office market, jobs in the health care and professional and business supersectors continue to increase. The investment sales market thrived throughout the year. With more than $2 billion in office building sales, 2004 set a new high watermark High Watermark The highest peak in value that an investment fund/account has reached. This term is often used in the context of fund manager compensation, which is performance based. for activity. Historically low interest rates and continued lackluster returns on common equity investments propelled institutional investors to earmark earmark taking a piece out of the edge or center of the ear with a punch as an identification mark. The shape of the mark may be registerable under local legislation. larger allocations to the real estate sector. As we enter the New Year, GVA Williams' research shows every reason to believe it will continue to be a seller's market as the fundamentals in the real estate market improve and increases in interest rates remain closely monitored by the Fed. This same optimism holds true for the leasing arena as well as corporate expansion seems imminent. |
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