Hope for NJ office market in 2010

TRD New York /
Dec.December 30, 2009 10:02 AM

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]


Related Articles

arrow_forward_ios
Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

51 West 52nd Street and ViacomCBS CEO Bob Bakish (Credit: Google Maps and Getty Images)

Following merger, Viacom could sell CBS’ Midtown HQ

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

arrow_forward_ios
Loading...