"We can't build the space fast enough," legendary metro area developer and New Jersey waterfront savior Sam LeFrak tells GlobeSt.com. Indeed, most spec properties are finding a major tenant-often for the entire building-within weeks after their announcement.
"The Northern New Jersey office market is as tight as it's ever been," comments Seena Stein, president of Newmark-NJ, Rutherford. "The waterfront is leading the way-leases are out on the next two buildings to be built at Newport Office Center and major corporations are fighting for space in future buildings."
Those next two buildings would be Newport V and VI, which have now been substantially pre-leased by Chase Manhattan Bank (see earlier story). In any case, "activity is actually creating great opportunities elsewhere in New Jersey," says Stein.
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