10C — July 29 - August 11, 2016 — Brokerage Directory — M id A tlantic
Real Estate Journal
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ARSIPPANY, NJ — After a slow start to the year, northern and Colliers International research team releases mid-year 2016 Market Snapshots NJ office leasing picks up, industrial shows continued historic growth P its mid-year 2016 Market Snapshots, which also show continued historic growth for last quarter and 10% from the five-year quarterly aver- age, according to Colliers re-
of that space is anticipated to be absorbed during the third quarter, as Somerset Develop- ment has leases out for two tenants totaling 370,000 s/f. Both were recently awarded Grow NJ state incentives to relocate their offices to the property.” Colliers also reported that overall office rental rate growth continued for the fifth consecutive quarter. Average asking rents are now at $26.19 psf, up 4.7% year over year. Rates remain higher in the northern counties, at $26.88 psf, compared to the central New Jersey average of $25.23 psf. INDUSTRIAL: Although industrial leasing volume declined from last quarter’s historic numbers, levels re- mained robust at 11.3 million s/f in tenant commitments and well above the five-year quarterly average of 10.1 mil- lion s/f. The most recent activ- ity included major leases by Wayfair at 48-50 Station Rd. in Cranbury (two leases total- ing 1.24 million s/f), Amazon at 698 Rte. 46 in Teterboro (616,992 s/f). “At 29.9 million s/f, year-to- date industrial leasing activ- ity already accounts for nearly three quarters of last year’s to- tal,” said John Obeid , senior director, Tri-State Suburban Research for Colliers. “Simply put, the market is experienc- ing incredible growth.” In fact, the industrial mar- ket has posted occupancy gains of 35 million s/f during the past six months, improv- ing the availability rate from 11.5% to 7.5%. “With space availability at historical lows, developers continue to break ground on specula- tive construction projects in order to meet tenant demand – particularly from logistics and e-commerce companies,” Obeid said. “Seven new proj- ects totaling 2.2 million s/f broke ground during the sec- ond quarter of 2016, bringing the total construction pipe- line to 28 projects totaling 6.3 million s/f.” Industrial landlords con- tinue to be aggressive with their pricing, and the average asking rent increased for the ninth consecutive quarter, to $5.98 psf. According to Colliers, the asking rent for industrial space currently averages $6.49 psf in northern New Jersey and $5.26 psf in the state’s central counties. n
lease at 211 Mount Airy Road in Basking Ridge and Quest Diagnostics’ 130,000 s/f lease at 500 Plaza Dr. in Secaucus. “Despite strong activity, the office availability rate increased slightly to 20.8% as large blocks of space – includ- ing Citigroup’s 661,736 s/f space in Warren – returned to the market,” said Colliers’ David Simon, SIOR , ex- ecutive managing director and New Jersey market leader. “Additionally, the Bell Works re-development in Holmdel has added 700,000 s/f of inven- tory. However, more than half
central New Jersey office leasing ac- tivity picked up du r i ng the second q u a r t e r , d r i v e n b y major tenant recommit-
“Despite strong activity, the office availability rate increased slightly to 20.8% as large blocks of space – including Citi- group’s 661,736 s/f space in Warren – returned to the market”
the state’s industrial sector, where tightening availabili- ties likely contributed to a slowdown in leasing velocity during the past three months. OFFICE: Second-quarter office leasing, totaling 3.4 million s/f, was up 32% from We Have The Perfect Location For Your Business search. Northern New Jersey saw 2.2 million s/f in activity (an increase of 38% from last quarter), while tenant com- mitments totaled 1.2 million s/f in Central New Jersey (up 28.1%). The largest involved Daiichi Sankyo’s 301,800-s/f David Simon
ments and corporate reloca- tions, according to Colliers International Group Inc . The global commercial real estate services firm released
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The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: firstname.lastname@example.org
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