2A — June 27 - July 10, 2014 — 1 -( % 80%28-'
Real Estate Journal
www.marejournal.com
1 -( % 80%28-' Real Estate Journal
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1MH%XPERXMG R EAL E STATE J OURNAL Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ...................................................................Julie King 2I¿FH0DQDJHU ................................................................... Joanne Gavaza &RQWULEXWLQJ&ROXPQLVW ............................................................ John Obeid 1MH%XPERXMG R EAL E STATE J OURNAL ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 26 Issue 12 Subscription rates: $99 - one year, $198 - two years, $4 - single copy 5(3257$1(5525,00(',$7(/< MARE Journal will not be responsible for more than one incorrect insertion 7ROO)UHH _0$ _)D[ ZZZPDUHMRXUQDOFRP The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
John Obeid
“T The New Jersey Suburban OfficeMarket: In Limbo KHVXEXUEDQRIÀFH market is dead.” How many times have we overheard that state- ment in the past few years? 0DQ\ KDYH VSHFXODWHG WKDW LQWHUHVWIURPWKHVWDWH·VODUJHU PRUH SURPLQHQW FRUSRUDWLRQV has faded away from the subur- EDQODQGVFDSHWRDPRUHXUEDQ VHWWLQJ $VDFRPPHUFLDOUHDOHVWDWH UHVHDUFK SURIHVVLRQDO DOO WKLV WDON KDV XQGHUVWDQGDEO\ OHIW PH UHDVRQDEO\ FXULRXV FRXOG 1HZ -HUVH\·V VXEXUEDQ RIÀFH PDUNHW UHDOO\ PDNH D FRPH - EDFN" 6R , GHFLGHG WR LQYHVWLJDWH ORRNLQJÀUVWDWZKDWWKHQXP - EHUVVD\$IWHUGLYLQJLQWRWKH GDWD , FDQ VD\ ZLWK DEVROXWH FRQÀGHQFH WKDW WKH 1HZ -HU - VH\ VXEXUEDQ RIÀFHPDUNHW LV FHUWDLQO\QRWGHDGQRULVLWG\ - LQJ7KHDFWLYLW\LQWKHPDUNHW VWDWHV RWKHUZLVH ,Q IDFW WKH QXPEHUV LOOXVWUDWH D VOLJKW WUHQGLQDSRVLWLYHGLUHFWLRQ ,Q RI WKH VWDWH·V OHDVLQJ DFWLYLW\ RFFXUUHG LQ VXEXUEDQPDUNHWV:KLOHWKHUH ZLOO EH FRQWLQXHG LQWHUHVW LQ 1HZ -HUVH\·V XUEDQ PDUNHW WKHQXPEHURIFRPSDQLHVFRQ - VLGHULQJWKHVXEXUEDQPDUNHWV IRUWKHLURIÀFHVSDFHLVDFWXDOO\ LQFUHDVLQJ $FFRUGLQJ WR RXU VWDWLVWLFV RI·VOHDVLQJ DFWLYLW\ ZDV LQ WKH VXEXUEDQ PDUNHWSODFH 7KURXJKRXWWKHUHZDV DQ DEXQGDQFH RI ODUJH 1HZ -HUVH\EDVHGFRUSRUDWLRQVRSW -
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FXS\DQGVWUXFWXUHVRQZKLFK WRSURPRWHWKHLUQDPHDQGORJR 7KH\ZDQWDKHDGTXDUWHUVWKDW FDQEHUHQRYDWHGWRPHHWWKHLU EXVLQHVVJURZWKQHHGV :KLOHÀQDQFLDOVHUYLFHVDQG WHFKQRORJ\ LQGXVWULHV HPSOR\ D KLJKHU SHUFHQWDJH RI \RXQJ WZHQW\VRPHWKLQJ HPSOR\ - HHV WKH SKDUPDFHXWLFDO DQG WHOHFRPPXQLFDWLRQ LQGXVWULHV GHPDQGWKHH[SHULHQFHGWDOHQW SRROWKDW1HZ-HUVH\VXEXUEV FDQVXSSO\ /RRNLQJDKHDGWKLVGHPDQG ZLOOFRQWLQXHDQGZH·OOVHHVRPH ELJQDPHVPRYHWRWKHVXEXUEV LQWKHPRQWKVWRFRPH:HDO - UHDG\NQRZRIVHYHUDOVL]HDEOH WHQDQWV VIDQGDERYH VHHNLQJRXWDUHDVLQ0RUULVDQG 6RPHUVHWFRXQWLHVLQVHDUFKRI WKHLUQHZFRUSRUDWHKRPHV $VPRUH QRWDEOH FRPSDQLHV SXWLQNWRSDSHUDQGVLJQOHDV - HVWKH1-VXEXUEDQRIÀFHPDU - NHWZLOOJHWWKHMROWLWQHHGVWR FRPHEDFNIURPWKHGHDG John Obeid, CBRE NJ, global research and con- sulting.
Mid Atlantic Real Estate Journal DEVELOPMENT OF THE MONTH ATTENTION: ACTIVE CONSTRUCTION FIRMS Tell business and industry about your latest accomplishment with the: Mid Atlantic has 30,000 monthly readers who you will reach with this promotion. email Linda Christman at lchristman@marejournal.com
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