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Jersey's Gold Coast continues to shine.

Newport Financial Center

New Jersey's Gold Coast is living up to its name, at least in view of recent commercial real estate activity. Two factors play a key role in this development: a bullish market and a perfect location.

From our experience and from what we've seen, leasing activity is at its highest point since 1990. The transactions are larger, with major players coming across the Hudson to acquire Gold Coast space for either primary locations or for the second site housing of invaluable data/telecommunications equipment. This is not to say recent real estate woes which plagued the Northeast are behind us. However, the light at the end of this tunnel is shining brighter and brighter.

The lessons from February's World Trade Center explosion and the infiltration of the Fourth of July bombing plot are still being felt. Many commercial tenants are losing faith in the quality of their New York property, yet they race a dilemma because the city still maintains a high recognition as a prestige location. Thus, the proximity of the New Jersey Gold Coast serves a viable purpose for being a quick train ride away from the heart of the action.

The Gold Coast is also quickly becoming home to second site properties. The World Trade Center's faulty infrastructure paralyzed the data and telecommunications flow, forcing many tenants to scramble for help. As a result, more attention is being paid to the infrastructure of an office property, especially if it has uninterruptible power supply (UPS) and a fully redundant telecommunications set-up. After all, nobody wants to be caught in the state of inertia which followed the February blast in lower Manhattan.

The increasing confidence and acquisition of infrastructure awareness can only spell good news for New Jersey's Gold Coast. If business continues at the same level, it will be a very good year.
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Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Suburban Markets; evaluation of commercial leasing activity in New Jersey
Author:Bowman, Ronald
Publication:Real Estate Weekly
Article Type:Column
Date:Oct 20, 1993
Previous Article:Entrepreneurs keep tertiary vacancies low.
Next Article:Small users find options at high-tech parks.

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