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Commercial Real Estate Holding Its Own

EAST RUTHERFORD, NJ-A slow deterioration of office and industrial figures bucks expectations of a marked decline during Q3 2009.

By Alyson Grala | Updated on October 13, 2009

EAST RUTHERFORD, NJ-With three quarters of 2009 in the books, Cushman & Wakefield Inc. revealed its third quarter office and industrial stats during a presentation yesterday at the Sheraton Meadowlands here. And despite some ominous employment projections, courtesy of Jim Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, the Garden State is holding its own.

According to the commercial real estate services firm, leasing is slower, but not halted. Vacancy rates are creeping up, but not soaring. Rents are falling, but not plunging. “Considering the scope of our national recession, New Jersey is doing fairly well,” noted Ken McCarthy, Cushman & Wakefield’s managing director of Research Services. “We are seeing a slow deterioration, but it is amazing, frankly, that conditions are not worse.”

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