New Jersey market shows strong signs of recovery.According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the third quarter 1997 Studley Report & Spacedata, the New Jersey commercial real estate market continued on its steady course of recovery. Spurred by the ongoing economic upturn, the state experienced a 32 percent increase in leasing activity during the third quarter.
As a result of the brisk Brisk as a proper name may refer to:
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 fell to 13.4 percent, down almost two percentage points from the level reported one year ago.
The market-wide Class A vacancy rate now rests at 9 percent, down from 9.6 percent at mid-year 1997 and 11.6 percent one year ago. "Class A vacancy rates in nine of the 14 sub-markets in Central and Northern New Jersey are now under 10 percent," said Rich Gittleman, senior vice president and co-manager of the New Jersey office of Julien J. Studley, Inc.
"During the past year, every segment of the market experienced a decline in its Class A vacancy rate," continued Gittleman. The I-78 sub-market reported the most dramatic drop, followed by East Bergen. The Wayne/Paterson sub-market appears to be on the road to recovery, he said. Although it is still plagued with a Class A vacancy rate of 21.8 percent, that is down from 24.5 percent during the second quarter.
The Princeton area led leasing activity in the Garden State. During the third quarter, more than one million square feet of space was lease in Princeton, mostly in Class B properties. The overall availability rate plunged by over 10 percentage points from 19.9 percent during the second quarter to a current level of 9.1 percent. Several sizable siz·a·ble also size·a·ble
Of considerable size; fairly large.
siza·ble·ness n. deals, including Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were for 770,000 square feet at Titus Mill Road and Princeton Financial Systems, Inc. for 62,000 square feet at 600 College Road E., accounted for the bulk of the activity.
"As the market has tightened, there has been a decline in the concessions offered by landlords, and rents in some prestigious buildings have finally reached the level owners had anticipated when they built them," said Gittleman.
Very little sizable space remains in modern Class A buildings, and to fill the void, developers such as SJP SJP Sarah Jessica Parker (actress)
SJP Students for Justice in Palestine
SJP St. John's Preparatory School
SJP Society of Japanese Pharmacopoeia
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SJP Saint Joseph's Preparatory School Properties are bringing construction cranes back to the Garden State. "However, there is no building boom," Gittleman said. "New construction and build-to-suit activity are underway in certain pockets where tenants can no longer find large blocks of space and rents justify construction, but the market is much more disciplined today than it was in the 1980's."
The excitement in the New Jersey office market during the last year is in part due to growth in some key industries. The state is seeing growth by financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. firms, health-care companies and high-technology firms. Furthermore, smaller, entrepreneurial en·tre·pre·neur
A person who organizes, operates, and assumes the risk for a business venture.
[French, from Old French, from entreprendre, to undertake; see enterprise. firms are now fueling the economic development of the state, as evidenced by the fact that the majority of leasing transactions still range from 2,000 to 25,000 square feet. As earnings continue to grow for these companies, there will be new construction and added upward pressure on rents, Gittleman predicts.
Major transactions completed during the second quarter include: In West Bergen, Crestron Electronics '''
Crestron Electronics is a company that manufacturers high-end systems for home automation and conference room control. The hardware developed by Crestron includes control processors, touch panels, keypads, lighting control systems, amplifiers, and audio servers. at 15 Volvo Drive (50,600 square feet); In Morris County, Berlex Laboratories Introduction
Berlex Laboratories, Incorporated is a research-based pharmaceutical company headquartered in Montville, New Jersey with operations in Wayne, New Jersey; Bothell, Washington; Seattle, Washington; and Richmond, California. at 340 Change Bridge Rd. (85,234 square feet); In the I-78 East Corridor, Brother International took 53,333 square feet on Route 202 South Loral Space & Communication Corp. took 47,288 square feet at 500 Hills Drive, and Pagenet took 43,796 square feet at 1001 Frontier Road.
In Princeton, Bristol-Myers Squibb committed to 770,000 square feet on Titus Mill Road, and Princeton Financial Systems, Inc., took 62,000 square feet at 600 College Road E.