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Tenants play musical chairs.



Office tenants in the Northern and Central region of New Jersey are engaged in a game of "musical chairs," 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.
 the Fourth Quarter 2006 Studley Report: Studley Office SpaceData Report.

Except in Jersey City and Newark where large blocks of Class A space are limited, the market has been essentially flat, lacking appreciable ap·pre·cia·ble  
adj.
Possible to estimate, measure, or perceive: appreciable changes in temperature. See Synonyms at perceptible.
 movement upward or downward in both availability and rental rates. As a result, the report states that tenants have been able to "pursue advantageous renewals or attractive alternatives."

"Some submarkets are experiencing a statistical increase in rental rates due to availability of higher-end product rather than as a result of a true increase in asking rents," said Philip Lipper, corporate managing director in Studley's Central New Jersey office.

"The only exception would be the Waterfront, where landlords continue to benefit from tenants fleeing a tightening Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North  market."

The Princeton submarket sub·mar·ket  
n.
A geographic, economic, or specialized subdivision of a market.

adj.
Being below what is usual in a particular market: submarket wages; submarket interest rates. 
, where new speculative development offers tenants a wide array of options, underscores the pre-leasing challenge facing landlords today. In Princeton, only one of the six buildings currently under construction, all of which are larger than 100,000 square feet, has experienced significant pre-leasing activity.

The 140,000 s/f property at 902 Carnegie Center, scheduled for completion in the second quarter of 2007, remains only 6.7% pre-leased while two other large development projects nearby have not pre-leased any space.

"In order for the long term prospects of the New Jersey market to improve Governor Corzine and the legislature must reverse the current tax trend and make New Jersey more business friendly," said Lipper. "Only an improved overall state economy can imbue im·bue  
tr.v. im·bued, im·bu·ing, im·bues
1. To inspire or influence thoroughly; pervade: work imbued with the revolutionary spirit. See Synonyms at charge.

2.
 the office market with renewed vigor VIGOR Internal medicine A clinical study–Vioxx GI Outcomes Report comparing a proprietary COX-2 inhibitor to standard NSAIDs ."
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Publication:Real Estate Weekly
Date:Feb 28, 2007
Words:273
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