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Office Tenant Outlook Improves

ISELIN, NJ-Greater landlord flexibility and government incentives are the driving forces behind market opportunities.

By Alyson Grala | Updated on February 06, 2009

ISELIN, NJ-Office tenants in Northern and Central New Jersey saw a sliver of hope during the fourth quarter of 2008 as the real estate market continued to turn in favor of tenants, with greater flexibility on the part of landlords and additional federal and state legislation.

According to Studley’s fourth quarter market report, the Main Street Assistance Program and the Urban Enterprise Zone Enhancement Act–two state-backed programs passed in the fourth quarter–as well as the existing Urban Transit Hub Tax Credit Program, are three state-backed efforts designed to revive New Jersey’s business climate and economy.

“Though New Jersey has seen little fluctuation in its commercial real estate market over the years, the environment of late has moved in favor of tenants,” says Studley vice chairman George Martin. “In addition to programs that are expected to create opportunities for New Jersey businesses, landlords have been more flexible in their lease negotiations, offering aggressive concession packages and lower rents to drive today’s slow leasing velocity.”

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