The fast and furious lead to NJ vacancy drop.Due to a combination of an improving economy, the expansion of shipping activity to Port Newark/ Elizabeth, and the state's strategic location, 2004 saw a drop in 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. rates and an increase in average asking lease rates in the Northern/ Central New Jersey industrial market. Many tenants had heeded the advice to take advantage of the still relatively soft leasing market sooner rather than later. As these tenants secured attractive, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. leases last year, the vacancy rates began dropping--fast and furiously fu·ri·ous adj. 1. Full of or characterized by extreme anger; raging. 2. Suggestive of extreme anger in action or appearance; fierce. See Synonyms at angry. 3. . Slower to respond were lease rates by owners. However, make no mistake about it: I believe lease rates are rising in 2005! There was a lull in fourth quarter 2004 leasing velocity as demand wasn't as strong as the prior quarters' leasing activity. However, first quarter activity in 2005 as of January already has been nothing short of robust. There are enough deals in the pipeline to further reduce vacancy rates and cause leasing prices to ratchet-up at a larger clip this year. Industrial prices will most likely increase by 2% to as much as 3.5% in the next several quarters. The highest increases will be in the traditionally tight sub-markets, such as the port areas of New Jersey national trend as well. As New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. continues to expand and more and more neighborhoods in the boroughs are transformed from industrial to residential, New Jersey will be positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the overflow of demand coming from Manhattan's boroughs. As a result, industrial property near New York City in such New Jersey sub-markets such as the HudsonWaterfront or Meadowlands will experience a rapid price increase. What is also driving demand out of Manhattan's boroughs are industrial prices, which in New York City are skyrocketing and the lack of quality product, which is rare. Tenants (and buyers) are forced to look elsewhere. The Meadowlands and Hudson Waterfront will continue to benefit as a pressure relief valve Pressure Relief Valve A Pressure Relief Valve is a safety device that relief in case of overpressure in vessel or piping. The generic term is or Pressure Relief Valve (PRV) or Pressure Safety Valve (PSV) automatic system that relief by static pressure on a liquid. to New York City, Westchester, and Long Island. Middlesex will also see pricing increases especially in the northern part of the county closest to Port Newark/Elizabeth. Exit 10 and 8A will continue to be strong and lease prices for new construction will rise as land becomes scarcer in these sub-markets. Large tenants unable to find sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. modern facilities at the right
price will continue their migration south down the New Jersey Turnpike
Companies that have lease expirations coming due within 24 months must consider renewing or relocating now. If you need other or different space alternatives, CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. recommends starting the search twelve to eighteen months in advance. A strategic plan is imperative in this constantly improving market, which is already transforming into a "landlord's market". |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion