"The waterfront is going to see whatever kind of availabilities they have get taken," adds Douglas H. Haynes, managing principal of CRESA Partners/New Jersey, which until recently was the corporate services arm of Alexander Summer. "That's particularly true with the online trading firms like Charles Schwab and Knight Trading, who were just committing to the Lefrak Organization's project at Newport [in Jersey City]."
As far as the situation in general, "business will go on and people are going to need facilities," Haynes tells GlobeSt.com. "We're seeing evidence of this in the outer markets, like Parsippany and along the I-78 corridor in the Berkeley Heights area, where some sublets are available from AT&T. We've already heard that a lot of the sublet spaces for Aventis Pharmaceuticals have already been spoken for."
"Fundamentally, people are taking a deep breath and really haven't realized the magnitude of what's happened," Knee says. "But from a real estate standpoint, I suspect that a lot of the buildings that have been available either directly of through sublet will be receiving a lot of attention. There is just a tremendous amount of sublet activity going on."
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