After a dismal year for New Jersey’s office market, some analysts say that rents have fallen far enough to stimulate some leasing activity. Whether that will continue into a full-fledged recovery in 2010, however, is a more elusive question. The year will likely end with a “flicker of an uptick,” according to Craig Eisenhardt, a CB Richard Ellis leasing specialist. That flicker, he said, translates to a 21.5 percent office vacancy rate, down slightly from its 22 percent rate in the third quarter. Jones Lang LaSalle has predicted that the fourth quarter will boast 150,000 square feet more occupied office space than the third quarter. Though that’s a small number relative to the New Jersey market as a whole, “it is still the first time the vacancy rate has declined in seven quarters,” said Daniel Loughlin, managing director for Jones Lang LaSalle. “The good news is we’re not out of gas,” said Steven Pozycki, CEO of SJP Properties, which developed the Waterfront Corporate Center in Hoboken. “The bad news is that it’s only less bad than it was.” [NYT]
Hope for NJ office market in 2010
New York /
Dec.December 30, 2009
10:02 AM
Related Articles
arrow_forward_ios

Manhattan retail market rises again, but momentum wanes

Manhattan notches premium office deal record for 2022

Yellowstone buys Fairfield County apartment complex for $49M

How CRE brokerages are responding to i-sales slowdown

Photos: Inside Slate Property Group’s holiday party at Casa Cipriani

JLL really wants to be a single-family megalandlord

Retail real estate continues climb, reaches record low availability
arrow_forward_ios