Despite apprehension by executives to commit to space, the office business continues apace, the company reports. Mack-Cali’s consolidated in-service portfolio was 88.3% leased at December 31, 2011, compared to 88.2% leased at September 30, 2011.

Funds from operations for the quarter were $68.1 million, up from $64.2 million in the last quarter of 2010. Net income was $16.1 million. For the year, FFO was $277.4 million, vs. $261.3 million for the prior year. Net income available to common shareholders amounted to $69.7 million.

Corporate caution will not change any time soon, Hersh cautioned. Executives will remain reluctant to make major decisions until after the presidential election in November.

“There has been little workforce expansion in permanent high-end jobs, though there’s a little more these days,” Hersh said. “The election will be pivotal in the mood. [But] that’s a long way away.”

Companies have been reluctant even to invest in technology as they await a clear view of what will happen with the economy. The ongoing European debt crisis and likely recession also are factors, he added. However, when companies do begin a major expansion, the Northeast will see the benefit, particularly from technology companies.

“We’re into the valley right now, rolling at the point of stability,” Hersh said. “Many of those companies have indicated that they want to expand in this part of the country, including Amazon coming into New Jersey.”