Steady price appreciation attracting office investors.A gradual improvement in fundamentals is expected in the months ahead in the Northern New Jersey market, which consists of Bergen Bergen, city, Norway Bergen (bĕr`gən), city (1995 pop. 221,645), capital of Hordaland co., SW Norway, situated on inlets of the North Sea. It is Norway's second largest city and a major shipping center. , Essex, Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. , Morris, Union and Passaic Passaic, city, United States Passaic (pəsā`ĭk), city (1990 pop. 58,041), Passaic co., NE N.J., a port on the Passaic River; settled 1678 by Dutch traders as Acquackanonk, named Passaic 1854, inc. as a city 1873. counties, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a second-quarter Office Research Report released by Marcus Marcus, in the Bible: see Mark, Saint. & Millichap Real Estate Investment Services. 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. has inched lower so far this year and is expected to post additional improvements as the year progresses. "The Northern New Jersey investment market remains stable," states Michael Fasano, regional manager of Marcus & Millichap's New Jersey office. "Transaction velocity recently received a lift due to some portfolio transactions, but owners have also been active in deals for small single-tenant properties, and local investors have continued to close deals." The following are some of the most significant aspects for the Northern New Jersey Office Research Report: Employers are expected to add 6,800 jobs by year end, compared with approximately 20,800 positions last year. This year's projection includes 2,800 office-using jobs; Builders are scheduled to complete 900,000 s/f of new office space; Vacancy is expected to decrease 40 basis points to 13.7% and could move lower if stock removals continue; Asking and effective rents are expected to add 2.7% to $26.87 psf and $23.16 psf, respectively; Transaction velocity for medical office properties has increased approximately 9% during the past 12 months. The current median sales price of $215 psf is up slightly from year-end 2006, when the median sales price rose 16%. |
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