2B — December 11 - 23, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Q&A with David Zimmel, president, Zimmel Associates Zimmel Associates leads in Central NJ flex space market First, what is flex space? A. Flex space is in- dustrial space that Q ly for flex space in Central New Jersey. Demand is high and exceeds supply. Available units are hard to find.
Expert Engineering & Consulting Services
space can be limiting. A typical flex building con- tains 50,000 s/f that divides into 5,000 and 10,000 s/f units. Tenants can start in 5,000 s/f and expand in the complex as their business grows. It typi- cally works well for businesses that are going to experience quick growth. Q. What is the state of the flex space market in Cen- tral New Jersey? A. Flex has been one of the best markets in Central NJ for years and it is accelerating. The vacancy rate is under 5 percent. In the last 6 months we’ve received requests week-
can have a higher office space compo- nent, aver- aging 20 to 40 percent, whe r e a s a s t a n d a r d i n d u s t r i a l building may
Q. Howmuch flex space do you represent exclusively? A. Of our more than 5 mil- lion s/f of exclusive space, approximately 1.5 million s/f is flex, primarily located in Union, Somerset, Middlesex and Monmouth counties. Q. What types of business- es is flex best suited for? A. Many types. Service- oriented companies, research type companies, such as elec- tronics distribution, light manufacturing, IT. It is great for businesses that need plen- ty of office space in conjunction with warehouse or distribu- tion space. As general rule, flex offers a higher end im- age than a typical industrial building. Q. What other attributes differentiate flex? A. Flex buildings have to have ample parking capabil- ity to allow for heavy office staff. It is more upgraded with regard to exterior and interior finishing. For instance, flex will offer more windows to accommodate its higher office component, whereas indus- trial, non-flex type space will have more warehouse type components. Q. How did Zimmel As- sociates become an estab- lished leader in the flex market? A. My father, Bernard Zim- mel was the originator of the concept back in 1969. He shared the idea with Denholtz Associates, a development firm that is a valued Zimmel Associates client to this day. Jack Denholtz built the first flex buildings in Rahway, Fairfield, East Brunswick and South Plainfield, NJ. The buildings became very popular so more flex space was devel- oped. Q. What advice do you have for seekers of flex space? A. Start looking earlier than you may think you need to. Six to nine months in advance is good, so the broker gets a jump on meeting your needs. The windows of opportunity close quickly as flex space stays empty for short period of time. In addition, there is very little new construction of flex space in Central New Jersey. Q. If tenants don’t start looking early, what happens? continued on page 4B
Geotechnical Engineering, Laboratory Soils & Materials Testing, Construction QA/QC, Environmental Consulting www.advantageengineers.com
David Zimmel
have 15 percent of office space. It offers more flexibility for us- age as office, assembly, ware- housing or manufacturing, whereas standard industrial
ZIMMEL ASSOCIATES CORPORATE REAL ESTATE SERVICES 1090 King Georges Post Road, Suite 808, Edison, NJ 08837 (732) 661-9200 • Fax: (732) 661-9617 • www.zimmel.com
195 Raritan Center Parkway Edison, NJ
For Sale: 117,000 SF Building
• Excellent Visibility; At the Crossroads of Every Major NJ Highway • Divisible into Two Units • Perfect for User/Investor • 14,000 SF of Office • Plot Size is 5.32 Acres • 11 Tailboard Loading Docks • 1 Drive-in door • 22 Ft. and 26 Ft. Ceilings • Heavy Power, 1600 Amps • Gas Heat
The Business Centre at Edison Raritan Center Office Space • Available Units: 2,200, 2,500 and 3,400 SF • Exceptional Location • Beautiful 125,000 SF Complex • 1 Story Office Buildings • Individual Entrances • Hotel, Fed X and UPS Close by
Made with FlippingBook - Online catalogs