Real Estate Journal — New Jersey — October 10 - 23, 2014 — 9B


M id A tlantic

S outhern N ew J ersey

By Rebecca Ting, SIOR & Julie Kronfeld, NAI Mertz Burlington County & beyond: Office activity heats up in Southern NJ

W Burlington Co un t y i s booming. A s a n a - lyzed by our team of office b r o k e r a g e profession- als, office va- cancy rates

s/f headquarters on Rte. 130 in Florence. Office users relocating to the

(EOA). The incentives we are seeing in the city of Camden, in particular, are unparalleled to the rest of the state because of its classification as both a dis- tressed community and mass transit hub. Our office brokerage team is working hard to turn the office market around and decrease the vacancy rates in the city of Camden as we aggressively market a development site on Haddon Ave. Adjacent to the Ferry Ave. PATCO station, this property offers a full pack- age of tax incentives as part of the EOA. The site is approved

hen it comes to the Southern New Jer- sey office market,

expenses have also improved in the region, especially among the properties that have sought and received reductions in property taxes. A few miles south in Cam- den County, however, office vacancy rates are on the rise, increasing from 11% in 2012 to over 14% today. At NAI Mertz, we remain optimistic and anticipate an increase in office transactions in the county, which will be driven by the generous incen- tive packages being offered through Grow NJ and the Eco- nomic Opportunity Act of 2013

for mixed-use and can be host to a corporate headquarters or office complex that will al- low users to maximize the job creation incentives that are the cornerstone of the GROW NJ program. As the office market in Bur- lington County continues to boom and the market in Cam- den County begins to boo- merang, we look forward to welcoming more neighbors to our community. Rebecca Ting, SIOR, is vice president of NAI Mertz & Julie Kronfeld is a sales associate. n

area are look- ing for specif- ic amenities including en- ergy-efficient buildings fea- turing abun- dant natural l i g h t a n d ample park-

Rebecca Ting

Julie Kronfeld

in Burlington County have declined to a modest 9.6%— 2% lower than last year at this time, and the lowest overall vacancy rate for the county since 2003. When compared to the national office vacancy rate average of 16.8%, Burl- ington County is faring very well, rivaling Manhattan where vacancy rates are the lowest in the country at 8%. Location, location, loca- tion is a main contributor to Burlington County’s office market success. Its prominent position in close proximity to major highways in the state is a major driver for businesses looking to relocate to the county. Burlington County boasts nine exits along I-295 and four on the New Jersey Turnpike. We are witnessing major activity within the Burling- ton County office market in the office parks of the ‘3M’ submarket, which includes Mount Laurel, Moorestown and Marlton. Destination Maternity, for example, re- cently announced a move from Philadelphia to a 75,000 s/f office space in Moorestown (not to mention its plans to develop a new 400,000 s/f state-of-the-art distribution facility in Florence). NAI Mertz is contributing to the 3M office market boom with the sale of two 50,000 s/f single-story class A office buildings at 5000 and 7000 Atrium Way within Horizon Corporate Center in Mount Laurel. And, we are serving as exclusive leasing agent for Eastgate Business Center, a 115,000 s/f office campus in Mount Laurel. Our office team has continuously maintained the property at over 90% oc- cupancy. In addition to tremendous leasing activity, Burlington County is experiencing a surge in new office construc- tion. Most notably, Burling- ton Coat Factory is wrapping up construction of its 215,100

ing ratios. Another trend is towards more collaborative, open space layouts with larger conference rooms. Office building operating


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Pictured: Horizon Corporate Center | 1000 Crawford Place, Mount Laurel, NJ | Office Suites Available for Lease

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