20A — February 10 - 23, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N EW J ERSEY The Northern and Central New Jersey markets Cassidy Turley industrial snapshots: Increased leasing T EANECK, NJ — While activity in the industrial market in
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larger users. “The Central New Jersey industrial market is moving in a positive direction with increased leasing velocity and declining vacancies,” stated Douglas Bansbach, senior vice president, principal, for Cassidy Turley. “The indus- trial market in Northern New Jersey appears to be at a standstill, but there are a number of transactions in the pipeline that are waiting for the current cloudy situation to pass,” stated HowardWein- berg, senior vice president, principal for Cassidy Turley.
The vacancy rate in Central New Jersey fell to 9.4% in the third quarter from9.6% in the previous quarter and there was an encouraging 2,556,682 s/f of positive absorption year to date. The strongest absorp- tion was reported in the Exit 8A submarket with just less than 800,000 s/f of positive demand. Exit 7A also experi- enced an increase in demand with approximately 450,000 s/f of positive absorption. The average asking rental rate fell by eight cents over the quarter and 21 cents year over year. It was $4.36 psf in the third quarter. ■ Real Estate firms looking at . . . 250- to 300-unit property. With AP workflow, vendors mail invoices to an owner/op- erator’s centralized P.O. Box, rather than to individual prop- erties (as is traditional). One point of contact scans them into the enterprise software, which enters critical data right into the system instead of it flowing upward from property, to regional manager, to home office. This eliminates time and money spent on data entry and shipping in the traditional dis- tributionmodel, not to mention issues with lost invoices. With all the great new “stuff” out there, the challenge for real estate technology compa- nies like IBS involves keeping up with changes on so many fronts. As always, foresight and flexibility are among the requisites for succeeding in this perpetual-motion indus- try. Moving forward, we see the potential of the Internet as a means of connectivity among various management-related systems. In tight times like these, when profitability can hinge as much on running a tight ship as on making deals, real estate companies will readily em- brace tools that help them be- come more efficient. We expect that to be the main focus in the short term. The good news is that the economic recovery has provided more wiggle room for many real estate organizations to upgrade and enhance their technology in 2012. Mike Mullin is president of Integrated Business Sys- tems (IBS) in Totowa, NJ. ■ continued from page 18A
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Central New Jersey is pick- ing up steam, the Northern New Jersey market is full of uncertainty, according to the third-quarter Industrial Market Snapshots from Cas- sidy Turley. One commonality in both markets is that tenants, par- ticularly those who are not reliant on Port access, are in- creasingly willing to expand from traditional markets in favor of high-quality build- ings that can accommodate
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