BRIDGEWATER, NJ-KRE Group says the vacancy rate for its New Jersey portfolio of commercial office and industrial real estate portfolio in New Jersey has tightened to under 2%, after a big leasing year in 2012.
KRE says its 6-million-square-foot portfolio began last year with a 6% vacancy rate, which shrank to slightly below 2% by December.
According to Jones Lang LaSalle, the statewide average vacancy for office is over 25%, while industrial vacancy is at 8%.
Justin Gingeleskie, KRE's leasing director, says he thinks tenants prefer a locally-based landlord: “Our ability to attract and retain high quality tenants stems, in part, from the marketplace responding to the stability of a well-funded New Jersey-based ownership that is committed to upgrading and modernizing our properties, and prides itself on providing a superior level of service.”
Lease transactions in 2012 at KRE's commercial and industrial properties included:
- Suite K Value Added Services leased an additional 156,211 square feet at 161 Docks Corner Road in South Brunswick. The industrial complex is just off Exit 8A of the NJ Turnpike.
- Samsung Mobile expanded facilities at 685 Route 202/206 in Bridgewater, where it now occupies 75,000 square feet.
- Office NJ expanded at 991 Route 22 in Bridgewater. The building is located at the 4-way interchange of Bridge Street and Route 22 close to the Somerville Train Station
- Advance Clinical Concepts expanded at 520 Route 22 in Bridgewater, a building with immediate access to Routes 202, 206 and 287 and close to Route 78.
- Quadrant HealthCom expanded at 7 Century Road in Parsippany, within the Parsippany Corporate Center that has immediate access to Routes 202, 10, 80 and 287.
- Emergency Medical Associates of NJ signed a long-term lease at 3 Century Road in Parsippany within the Parsippany Corporate Center
- Bluenog Corp. signed a long-term lease at 285 Davidson Avenue in Franklin Township
- New retail tenants took space at the repositioned Village Shopping Center in Basking Ridge, including Kumon Learning Center, Get in Shape for Women, Top Mixed Martial Arts Inc. and Hills Business Center Pack and Ship.
The company's recent renovation projects include the addition of a new lobby, conference facility, full-service café and expanded parking lot at 685 Route 202/206 in Bridgewater; new lobbies and cafés at 1170 Route 22 and 991 Route 22 in Bridgewater; lobby and common area upgrades at 1031 Route 22 in Bridgewater; and a new café and lobby and landscaping upgrades at 285 Davidson Avenue in Franklin Township.
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