NJ is strong in third quarter.Cushman & Wakefield has released statistics summarizing market conditions in New Jersey as of the third quarter of 1999. Strong positive absorption was recorded in both Northern and Central New Jersey. Over 1 million square feet of new construction was delivered to the market as of the third quarter 1999. When delivered, only 244,000 square feet was available for lease. Merrill Lynch's two leases totaling 240,000 square feet at The Commons in the Princeton submarket and Tyco Submarine Systems' 124,185 square-foot lease in Monmouth County helped push the absorption number up. Strong pre-leasing on the Waterfront continues. ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. Insurance, which leased 391,501 square feet, is the latest firm to relocate from Manhattan, as Newport Office Center IV - now known as the, ISO building (785,868 square feet) - broke ground. The ground-breaking for 70 Hudson Street Hudson Street can refer to:
Investors continue to be attracted to Newark. The following buildings sold in 1999: Gateway I, III and IV (1.3 million square feet); 550 Broad Street (255,000 square feet); and 520 Broad Street (489,000 square feet). Proposed sporting venues that could possibly house the New Jersey Nets and the New Jersey Devils The New Jersey Devils are a professional ice hockey team based in Newark, New Jersey. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League (NHL). The Devils have won the Stanley Cup three times, in 1995, 2000, and 2003. , as well as the New Jersey Performing Arts Center The New Jersey Performing Arts Center (NJPAC) is a complex in downtown Newark, New Jersey, United States of musical and theater facilities that opened in 1997. It is one of the major parts of Newark's revitalization plan in the center near the Passaic River waterfront, east , are the driving forces behind Newark's revival. REITs have not returned to the market. Secondary properties have changed hands as opposed to trophy properties that would be more appealing to REITs. The majority of investor purchases have been carried out by developers (SJP SJP Sarah Jessica Parker (actress) SJP Students for Justice in Palestine SJP St. John's Preparatory School SJP Society of Japanese Pharmacopoeia SJP Singapore Justice Party SJP Saint Joseph's Preparatory School Properties, Gale & Wentworth, Matrix), private partnerships (Denholtz, Argent ar·gent n. 1. Heraldry The metal silver, represented by the color white. 2. Archaic Silver or something resembling it. Ventures, Tremont Capital) and pension funds (Clarion, Prudential, United Trust Funds, LaSalle, Koll Bren). An increase in hotel development is centered around proposed office projects (i.e. Highland Cross, Lincoln Harbor, Newport, Harborside har·bor·side n. The area adjacent to a harbor. , Colgate). Data published by the Home Builders Forecast state that there will be a 6.5 percent increase in the construction of hotel and lodging facilities in New Jersey and the Northeast in 1999. |
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