Report shows fundamentals improving in NJ market.Cushman & Wakefield of New Jersey, Inc. has released its second quarter 2004 office and industrial market research statistics. The data, which covers 10 counties in northern and central New Jersey, provides information on vacancy rates, rental rates, inventory and construction. Compiled by the firm's Research Services team, the latest statistics and recent market activity indicate a number of industry trends, including: Northern New Jersey Office Market * Market fundamentals appear to be slowly improving in Northern New Jersey. Overall vacancy rates have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. and remain in the 17 percent range despite the addition of 1.1 million square feet of sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space at Newport Office Center VII in Jersey City. * Leasing activity registered 2.7 million square feet during the first half of 2004, including seven leases greater than 50,000 square feet. This total represented an increase of 43 percent from totals recorded during the first six months of 2003. White-collar job creation has begun to increase in New Jersey, spurring this increased movement among tenants. * Investment activity accelerated during the second quarter as several trophy properties changed ownership. Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. was the most active player, snapping up a 317,000-square-foot building at 5 Woodhollow Road in Parsippany and acquiring the 475,000-square-foot Kemble Plaza II in Morris Plains from AT&T. * Looking ahead, the 1.36 million square foot-skyscraper under development for Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. in Jersey City is scheduled for completion in the next few months. In Mount Olive Mount Olive is the name of several places: United States of America Cities and towns
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. headquarters will become available in September, which is expected to drive vacancy rates higher in the region. Central New Jersey Office Market * During the first half of 2004 in Central New Jersey, overall vacancy rates decreased from 22.1 percent to 20.4 percent, and 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 has declined rapidly within the region. * Sublease space, which represented 33 percent of available product six months ago, is down with the turnover of large sublease blocks by Lucent and AT&T primarily responsible for the reduction of 1.8 million square feet of sublease space in the market. * Leasing activity totaled 2.1 million square feet during the first half of 2004, slightly exceeding the pace set during the first half of 2003. * Investment sales activity totaled 1.8 million square feet during the first half of 2004, consistent with totals posted last year. The largest concentration of activity occurred in Piscataway, where more than 1.0 million square feet changed ownership. * Looking ahead, construction is expected to finish on a new 200,000-square-foot headquarters facility in Neptune for Horizon Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of New Jersey and on the 81,000-square-foot Liberty Commons in Trenton, partially preleased by law firm Hill Wallace Industrial * The overall industrial vacancy rate for Northern and Central New Jersey remained stable at 5.4 percent during the first half of 2004; Central New Jersey's vacancy rate declined from 5.0 percent to 4.4 percent, and Northern New Jersey's increased from 5.7 percent to 6.3 percent during this period. * During the first six months of 2004, 13.7 million square feet of leasing activity occurred in the region, an increase of more than 1.0 million square feet over totals recorded during the same period last year. Middlesex County For the traditional county of England, see Middlesex. For other uses, see Middlesex (disambiguation). Middlesex County is the name of six counties in North America:
n. 1. The point of the earth's surface directly above the focus of an earthquake. 2. A focal point: stood at the epicenter of the international crisis. of market activity, accounting for more than 44 percent of the total leased space across the 10-county region. * Sales activity has moderated somewhat, after hitting a remarkable peak in 2003. More than 7.3 million square feet of sales activity was recorded in Northern and Central New Jersey during the first half of 2004, compared to 10.1 million square feet recorded over the same period in 2003. * New product continues to impact the New Jersey market, with several new projects completed so far this year, the largest of which was a two-building, 675,000-square-foot build-to-suit W/D W/D Washer/Dryer W/D Withdrawal W/D With Distinction W/D Warranty Deed W/D Warm and Dry (medical: nursing skin assessment) W/D Wet/Dry Index facility for Crate and Barrel, Inc. Currently, 8.6 million square feet of space is under construction, more than half of which is speculative. |
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