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NJ Office Market Called 'Phenomenal' and 'Frustrating'

EAST RUTHERFORD, NJ-Cushman & Wakefield report for the first half of 2000 paints a picture of owner delight and end-user difficulties.

By Eric Peterson | Updated on August 15, 2000

Office property owners in New Jersey have never seen anything like it. Prices are rising (to their delight), and almost anything they do, from repositioning and renovation to new construction, is working. Corporate NJ has a different take: for them, the right space is hard to find and they’re increasingly being priced out, forced to accept something less than ideal.

“The strength of the economy is creating an unprecedented level of demand,” according to Donald P. Eisen, executive managing director for the metro area for Cushman & Wakefield who is based in the company’s East Rutherford, NJ offices. Reflecting on his firm’s new first-half of 2000 market report, Eisen notes that, in particular, “Jersey City and Newark are being revitalized by significant investment.”

Among the market trends: Jersey City, sometimes called New York’s 6th borough or Wall Street West, is seeing a blast of new construction to satisfy demand. Newark, meanwhile, is parlaying its extensive fiber-optics network and older, underutilized building stock to increasingly attract e-commerce, telecom and engineering firms.

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