Morris county emerges as state's crown jewel.New Jersey's commercial office market has been on a steady road to recovery. Our state has been fortunate to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. our neighbors and Morris county has benefited tremendously from continued economic growth overall. New Jersey has faired well because of its central location between New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Washington, D.C., its superb labor force and highly diversified diversified (di·verˑ·s economic base. Morris county has benefited even more because of its strong demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. , newer office buildings and efficient floor plates. Results at the close of 2004 showed that New Jersey's largest office market was certainly Morris county. The Morris county office market is now comprised of more than 36 million s/f of space, with the largest part of it being class A space totaling more than 22 million s/f. Leasing velocity for the last four quarters exceeded 4.3 million s/f in over 450 transactions. The newer office building inventory continues to attract a myriad of companies, including Barclay's Bank from New York City, Sun Chemical from Fort Lee, Ryan Beck from Livingston, Altana Pharma from Long Island and Daiichi Pharmaceuticals from Bergen county. As the Route 24 sub-market continues to tighten in Short Hills and Chatham, this trend should continue at a stronger pace. Morris county is also home to some of the state's largest office facilities, offering tenants the most desirable properties available. Making the top of the list are 3000 Continental Drive, a 970,000 s/f facility in Mount Olive Mount Olive is the name of several places: United States of America Cities and towns
Whether it is Morris county's highway infrastructure, with direct access to Route 24 and Interstates 78, 80, 280 and 287, its talented labor supply or its desirable housing stock, its has proved to be very attractive to New Jersey's premier companies. One of the ten wealthiest counties in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Morris county has long been recognized as a prime setting for business and family. The 13,000-acre county park system is noted for its recreational facilities Noun 1. recreational facility - a public facility for recreation recreation facility facility, installation - a building or place that provides a particular service or is used for a particular industry; "the assembly plant is an enormous facility" and preservation of the natural landscape. The county is well served by a network of major interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. , state, county and municipal roadways, as well as bus, train and airport service. All of these factors, coupled with a high quality of life, have continued to attract many major companies and residents to Morris county. As New Jersey continues to outperform the region and nation in job growth and economic expansion, look for Morris county to continue to be the state's premier office market. DOUG GAFFNEY SENIOR MANAGING DIRECTOR THE SCHULTZ ORGANIZATION/TCN WORLDWIDE |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion