The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young.
While not coming out and predicting a recession in 2020, Heil did say, "We are not going to be seeing as much economic growth as in 2019, both nationally and regionally."
Numerator will utilize the space as its new global headquarters. The company reports the space will accommodate Numerator's planned increase from its current 250 Chicago-based workforce to more than 350 by 2022.
The initiative valued at least $1.4 billion in connection with the expansion of its operations in Cumberland, Dauphin, Northampton and Philadelphia counties will involve investment in building renovations, equipment, and infrastructure improvements at each of the locations.
The deal brokered by CBRE involves Arc's move this April from its current administrative offices at 1465 Route 31 South in Annandale to the 277,000-square-foot property owned by Shelbourne Global Solutions of New York City.
With its lease of 343 Murray Hill Parkway, Axis Global Logistics will be able to service its growing client base in the New York City metropolitan market, according to NAI James E. Hanson.
Gov. Wolf is proposing that up to $1 billion in grants from the Redevelopment Assistance Capital Program be used for lead and asbestos remediation in schools, a problem plaguing many of the state's aging school buildings.
Aspen Dental will occupy nearly half of the building with 197,000 square feet of office space and 8,000 square feet of retail space on West Fulton Market. Upon occupancy, the property will serve as Aspen Dental's new national headquarters.