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New Report: Office Market Didn't Change Much in 3Q

WOODBRIDGE, NJ-Newmark JGT analysis indicates that the market is still a little flat, but the WTC disaster led to some absorption, and pharmaceuticals are offsetting telecom's woes.

By Eric Peterson | Updated on November 29, 2001

WOODBRIDGE, NJ-When all the office market numbers were tallied for the third quarter of this year, they didn’t come out all that different from the second quarter. That’s the gist of a new report by Newmark JGT of New Jersey. The firm’s in-house research department, based here, analyzed New Jersey’s 11 northern counties, totaling 182 million sf of office space.

The main conclusion? The market impact of Sept. 11 was to bring the amount of available sublease space down some, and overall the market is holding its own. “While there has clearly been a slowdown in the economy, which obviously began before the September 11th tragedy, the commercial real estate market’s fundamentals remain strong,” comments Stanley Simon Newmark JGT CEO.

“And, in fact,” Simon continues, “those factors have created opportunities for tenants, investors, developers and service providers.” He points to the lack of new spec development, a more balanced market for tenants and moderate price adjustments as key factors in keeping the market stable.

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