EAST RUTHERFORD, NJ-Major corporations continue to closely monitor their expenditures, but favorable market pricing in the New York-New Jersey region has led to an increase in leasing activity, particularly large transactions. That’s the market overview offered by Cushman & Wakefield’s Marc Graham, who serves as the 2010-2011 treasurer of the Industrial and Office Brokers Association of the New York Metropolitan Area.
“Companies watching the bottom line and being cost-conscious has been a dominant factor for the past two years,” confirms Graham. “Cost savings are still paramount, but current pricing in the market being what it is, we have been seeing a slight uptick in leasing activity, particularly large transactions, this year compared to last year. Tenants that were uncertain in 2009 gained some certainty in 2010, although some of these decisions resulted in consolidations rather than growth.
“New Jersey is a large, diverse market, and activity continues to happen in good times and bad," Graham continues. “We’ve heard blanket statements about how bad things are, and it is sometimes difficult to communicate that there is activity. We are indeed seeing signs of life.”
In Graham’s view, that activity can’t be traced to specific business sectors. “There is some activity in such sectors as consumer goods and pharmaceuticals” he says. “Data center activity continues to be noteworthy. That’s true both in this region and nationally.”
In terms of communicating market realities, that’s where groups like IOREBA come in. “Take our ports as an example,” Graham says. “The ports are such a major economic engine, one that is constantly changing and evolving, and it is IOREBA’s role to educate and update our members about those changes.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
