Together, the buildings comprise approximately 6.5 million square feet
of prime office space in a market where investor appetite for trophy assets has led to a flurry of billion dollar sales and a seemingly endless demand for product.
Looking back in terms of the Westchester market overall, 2006 was a very active year: leasing velocity was approximately 2.8 million square feet--that's 35 percent above the 2005 level of 2.1 million square feet
. Even though this activity was offset by the return of some large blocks of space to the marketplace, the impact on overall absorption was only slightly negative in sharp contrast to 2005 when the market experienced negative net absorption of approximately 400,000 square feet.
"As the number of prime space availabilities declined in Manhattan, the lure of cheaper rents and incentives resulted in 1.4 million square feet
of leasing in Jersey City alone."
Following a dramatic burst in leasing velocity that led to more than 4.2 million square feet
being absorbed during the first quarter of 2006, the Northern and Central New Jersey industrial market downshifted by mid year, as less than 73,000 s/f of positive net absorption was recorded in the wake of moderating demand.
The scale varies by height from small (3-4 story), yielding 4.5 million square feet
of space, to medium (4-5 story) yielding 5.5 million square feet
of space and large (6-9 story) yielding 6.9 million square feet
Builders will complete 2.1 million square feet
by the end of 2006, representing less than a 1 percent gain in stock.
The amount of vacant sublease space in NJ continued to increase before reaching its peak of 9.8 million square feet
in 2002, representing the overwhelming ratio of 34.1% of the overall vacant space in the market.
As of the first quarter of 2006, the industrial inventory was 167 million square feet
, and the vacancy rate was 9.1 percent.
encompasses 1.1 million square feet
. The plaza features two 15-story glass towers connected by a three-story lower-level lobby, an ice-skating rink, a 60-foot cascading indoor waterfall and a winter garden.
Mack-Cali Realty Corporation has completed its acquisition of The Gale Real Estate Services Company and interests in approximately 2.8 million square feet
of office properties in New Jersey.
During the past 15 months, Garfield was responsible for originating and funding more than $300 million in structured debt transactions and purchases including a total of two million square feet
of industrial space in New York, Florida and Massachusetts.
The anticipated rental rate increase is based on a variety of factors, most notably positive absorption in 2005 of more than 55 million square feet
of office space in the U.S., and less than 18 million square feet
of new office construction-completions.