High-tech/flex market will remain strong.With speculative office development at a virtual standstill standstill /stand·still/ (stand´stil?) cessation of activity, as of the heart (cardiac s.) or chest (respiratory s.) .
Complete cessation of activity or progress. , new construction in the high-tech/flex segment of the commercial real estate marketplace appears to be dominating the industry. The activity in flex 'spec' building is a direct response to steady leasing, the pace of which appears to be accelerating as we enter 1994.
We believe this is the result of increased versatility and diversified diversified (di·verˑ·s uses of flex space Flex space is a term used for lightly zoned buildings. It is mainly used when referring to industrial or office space. History
Flex space evolved from light industrial warehouses being converted to office space. . Tenants are finding suitable facilities for sales and service operations, home health care offices, and distribution centers for high-tech high-tech also hi-tech
Of, relating to, or resembling high technology.
same as hi-tech
Adj. 1. products such as electronics and computer items.
Prices in this market niche have remained fairly stable, and we've we've
Contraction of we have.
we've have noticed a trend for longer-term leases as tenants seek to lock-in (standard) lock-in - When an existing standard becomes almost impossible to supersede because of the cost or logistical difficulties involved in convincing all its users to switch something different and, typically, incompatible. at today's competitive prices. In some areas, we believe the lack of new construction is actually starting to stimulate price increases.
In particular, during the past two years we've noticed stepped-up inquiries from brokers and principals for units in the 2,000- to 3,000-square-foot range. These companies include many smaller, service-oriented organizations that need high-end space but cannot be in pure office buildings because they require loading facilities. At the same time, industrial buildings lack the image that these tenants want to project. The average blend of use if 40 percent office and 60 percent industrial, a ratio that is also very difficult to achieve in small industrial blocks of space.
We've also noticed a better caliber tenant in the marketplace. For example, at our 47-acre Commercenter/-Totowa flex park, two major corporations recently leased space. The transactions demonstrate the versatility of flex environments such as ours.
Ericsson/G.E., an international leader in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry, with 66,000 employees worldwide, moved its main northern United States The Northern United States is a large geographic region of the United States of America. Although the region includes a considerable portion of what is often called the American Midwest, most Americans refer to the region as simply "The North". regional office into 26,900 square feet at 45 Commerce Way. The company manufactures advanced systems and products for wire and mobile telecommunications and is a leading supplier of electronic defense systems. The Commercenter/Totowa space combines executive and sales offices, warehouse space, and an electronics service laboratory previously located in three facilities.
The move involved four divisions, and Ericsson/G.E. evaluated 40 hightech/flex and office properties in northern New Jersey before choosing Commercenter/Totowa. The company considered breaking-up the office and warehouse/laboratory space into separate locations, but cited the park's central location and the convenience of combining executive and sales offices with warehouse space as the key attractions.
In addition, Fujitec America Inc., a leader in the manufacturing and service of elevators and escalators, leased 10,900 square feet at 29 Commerce Way for its regional operations. The move to Commercenter/Totowa combined warehouse and administrative/sales offices which were previously housed separately in Manhattan and New Jersey.
The steady activity has prompted us to continue to move forward with new construction at Commercenter/Totowa. We are currently developing two new speculative structures that will be divisible DIVISIBLE. The susceptibility of being divided.
2. A contract cannot, in general, be divided in such a manner that an action may be brought, or a right accrue, on a part of it. 2 Penna. R. 454. from 2,700 square feet. While similar in design to the existing flex structures, the new buildings will offer reduced sizes in order to respond to the immediate needs of those businesses 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. smaller, high-quality space.
To date, six flex buildings have been completed at the park, totalling more than 350,000 square feet. Units feature their own loading docks and large bay areas, separate entrance ways, individually controlled HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems, 20-foot ceiling heights, heavy power and abundant on-site parking. The park also contains a three-story office building which is 100 percent leased.
As new markets open up for small users, we expect demand for flex/industrial space to continue into 1994. We are confident in the New Jersey business environment and feel that this segment of the market will remain a steady and growing area of the commercial real estate industry.