Retail market will blossom, promises M&M.Marcus Marcus, in the Bible: see Mark, Saint. & Millichap Real Estate Investment Brokerage Company recently released its Retail Research Report for Northern New Jersey, which indicates steady demand among retailers and a diminishing di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. construction pipeline will benefit Northern New Jersey retail owners through the remainder of 2005. "Vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 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. is set to decline, rent growth will continue and very little new space will come online in the market," commented Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Fasano, regional manager of the firm's Northern New Jersey office. "With sound fundamentals, more retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. will find their way to the market by year end." The report indicates the following for the Northern New Jersey retail market in 2005: Employers are expected to add 35,000 positions to local payrolls in 2005, a 1.8% gain. In the professional and business services sector, which numbers more than 300,000 workers, a 2.7% increase is expected. Employment growth will help retail sales top $63 billion in 2005, a 3.1% increase from the prior year. Developers are on their way to delivering 1.3 million s/f of retail space in 2005. Completions will be less than the 1.6 million s/f delivered in 2004. The redevelopment of the former Maxwell House Maxwell House is a brand of coffee manufactured by a like-named division of Kraft Foods. It is named in honor of the Maxwell House Hotel in Nashville, Tennessee. For many years until the late 1980s it was the largest-selling coffee in the U.S. and is currently (ca. site on the Hoboken Hoboken, former city, Belgium Hoboken (hō`bōkən), section of Antwerp, Antwerp prov., N Belgium, on the Scheldt River. It has large shipyards and wool-processing plants. waterfront is in progress, with a second quarter 2006 delivery expected. Vacancy is expected to fall 20 basis points, and asking rents are on track to rise 3.2%. The overall vacancy rate is forecast to decline to 4.7% by year end. Asking rents are on pace to reach $25.54 per s/f, with effective rents reaching $23.53 per s/f, a 3.1% increase. Investors will bid aggressively for single-tenant assets in the best locations through the remainder of 2005. Over the past 12 months, investors have been spreading capital across the market's five counties, from high-density Bergen, Hudson and Union counties to the affluent communities in Morris county. The median price per s/f for single-tenant assets rose 4.1% in 2004 to $155.48. Activity in the first quarter may signal that transaction velocity and prices will pick up in 2005 after a bit of an off year in 2004. So far, institutions appear willing to pay top prices for well-located class A properties. CalPERS sold the 424,000 s/f Edgewater Commons in Edgewater and the 104,000 s/f Plaza Square in Wayne in a portfolio sale for $208 per s/f. |
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