MARKET WATCHsitarcompany.com/wp-content/uploads/2017/03/Sitar-Market...$23.51 per sq. ft. for the...
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ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMED RELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING OR WITHDRAWAL WITHOUT NOTICE. 1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000) REAL ESTATE www.sitarcompany.com Second Quarter 2014 Market Highlights Office Q/Q Total Inventory 358,692,803 Total Vacancy Rate 14.4% Average Rate $23.66 PSF YTD Net Absorption 1,491,218 SF Industrial Total Inventory 800,823,825 SF Total Vacancy Rate 8.5% Average Rate $5.93 PSF YTD Net Absorption 1,554,227 SF Retail Total Inventory 358,358,140 SF Total Vacancy Rate 6.2% Average Rate $19.65 PSF YTD Net Absorption 236,263 SF Economic Indicators Unemployment Rate Q/Q National 6.10% New Jersey 6.6% Median Existing Home Price National $223,300 Consumer Confidence Index 82.30% 10 Year Treasury Yield 2.53% WTI Crude Oil Price $106.07 Select Sitar Transactions 2Q 2014 A five year lease of 10,846 sq. ft. of office space in Florham Park, New Jersey by Gordon Rees, LLP. William Sitar Jr. represented the tenant. The purchase of a Burger King restaurant and pad site in Troy, Michigan from Gold Square Michigan, LLC from King Venture Development, LLC. Giorgio Vasilis represented the purchaser. A build to suit and 15 year lease of 10,000 sq. ft. of retail space in Chatham to Kinder Care by Chatham Gateway Associates LLC. William Sitar Jr. and Douglas Sitar represented the landlord. MARKET WATCH The Northern New Jersey office and industrial markets remain relatively stable for the second quarter. The Northern New Jersey office market remained relatively stable for the second quarter. The vacancy rate remained constant at 14.4%, while the rental rates increased from $23.51 per sq. ft. for the first quarter to $23.66 per sq. ft. for the second quarter, indicating a stronger office market. Some of the larger transactions for 2014 include Sandoz, Inc. leasing 154,101 square feet at 100 College Road West in the Princeton market and Ingersoll-Rand signing a renewal for 105,074 square feet. The Northern New Jersey industrial market was relatively unchanged from the first quarter. Vacancy rates increased from 8.4% in the first quarter to 8.5% in the second quarter, and rental rates remained stable at $5.92 per sq. ft. for the first quarter to $5.93 per sq. ft. for the second quarter. Some of the more significant transactions for 2014 include OHL signing a lease for 611,320 square feet at 1 Costco Way, Monroe and Home Depot signing a lease for 470,640 square feet at 100 Riverside Drive, Woodbridge.
Transcript of MARKET WATCHsitarcompany.com/wp-content/uploads/2017/03/Sitar-Market...$23.51 per sq. ft. for the...
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
Second Quarter 2014
Market HighlightsOffice Q/QTotal Inventory 358,692,803 Total Vacancy Rate 14.4%Average Rate $23.66 PSFYTD Net Absorption 1,491,218 SF Industrial Total Inventory 800,823,825 SFTotal Vacancy Rate 8.5%Average Rate $5.93 PSFYTD Net Absorption 1,554,227 SF Retail Total Inventory 358,358,140 SFTotal Vacancy Rate 6.2%Average Rate $19.65 PSFYTD Net Absorption 236,263 SF
Economic Indicators
Unemployment Rate Q/QNational 6.10%New Jersey 6.6% Median Existing Home Price National $223,300 Consumer Confidence Index 82.30%
10 Year Treasury Yield 2.53%
WTI Crude Oil Price $106.07
Select Sitar Transactions2Q 2014
A five year lease of 10,846 sq. ft. of office space in Florham Park, New Jersey by Gordon Rees, LLP. William Sitar Jr. represented the tenant.
The purchase of a Burger King restaurant and pad site in Troy, Michigan from Gold Square Michigan, LLC from King Venture Development, LLC. Giorgio Vasilis represented the purchaser.
A build to suit and 15 year lease of 10,000 sq. ft. of retail space in Chatham to Kinder Care by Chatham Gateway Associates LLC. William Sitar Jr. and Douglas Sitar represented the landlord.
MARKET WATCH
The Northern New Jersey office and industrial markets remain relatively stable for the second quarter.The Northern New Jersey office market remained relatively stable for the second quarter. The vacancy rate remained constant at 14.4%, while the rental rates increased from $23.51 per sq. ft. for the first quarter to $23.66 per sq. ft. for the second quarter, indicating a stronger office market. Some of the larger transactions for 2014 include Sandoz, Inc. leasing 154,101 square feet at 100 College Road West in the Princeton market and Ingersoll-Rand signing a renewal for 105,074 square feet.
The Northern New Jersey industrial market was relatively unchanged from the first quarter. Vacancy rates increased from 8.4% in the first quarter to 8.5% in the second quarter, and rental rates remained stable at $5.92 per sq. ft. for the first quarter to $5.93 per sq. ft. for the second quarter. Some of the more significant transactions for 2014 include OHL signing a lease for 611,320 square feet at 1 Costco Way, Monroe and Home Depot signing a lease for 470,640 square feet at 100 Riverside Drive, Woodbridge.
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
FEATURED LISTINGS
Market No. of Buildings Total RBA (SF) Total Vacant (SF) Total Absorption (SF)
Office 16,182 358,692,803 51,634,919 1,491,218
Industrial 17,225 800,823,825 68,345,392 1,554,277
Retail 33,945 358,358,140 22,131,540 236,263
Large Blocks of AbsorptionSecond Quarter 2014
RETAILFormer Grocery Store Available
333 Atlantic City Boulevard - Bayville, NJPlease contact:
Giorgio VasillisOffice: 732-449-2000 Cell: 732-579-7002
Joe AllegroOffice: 732-283-9000 Cell: 201.988.5534
RETAIL The Crossroads at Eatontown
Intersection of Route 35 and Route 36 Please contact:
Office: 732.449.2000Trista Ricciardelli Cell: 732.232.9800
Helena Loelius Cell: 908.285.4322
OFFICEPond View Professional Park
1101 West Main Street - Freehold, NJPlease contact:
Office: 732.283.9000Joe Allegro
Cell: 201.988.5534Gregg Nowell
Cell: 732.859.5365
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
Office: Quoted Rates by Submarket
Office: Vacancy Rates by Submarket
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
Industrial: Vacancy Rates by Submarket
Industrial: Quoted Rates by Submarket
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
Retail: Vacancy Rates by Submarket
Retail: Quoted Rates by Submarket
ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMEDRELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY THEREOF AND SAME IS SUBMITTEDSUBJECT TO ERRORS, OMISSIONS, CHANGES OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE ORFINANCING OR WITHDRAWAL WITHOUT NOTICE.
1481 Oak Tree Road - Iselin, NJ 08830 (732.283.9000)
R E A L E S T A T E
www.sitarcompany.com
Sitar Realty Company specializes in servicing all real estate markets in New Jersey. The Company is headquartered in Middlesex County, New Jersey with two additional offices
located in Monmouth County, New Jersey.
Sitar Realty Company Locations
1481 Oak Tree Road - Iselin, NJ 08830Tel: 732-283-9000 Fax: 732-283-3103
503 Washington Boulevard - Sea Girt, NJ 08750Tel: 732-449-2000 Fax: 732-449-2828
607 Lake Avenue - Asbury Park, NJ 07712Tel: 732-775-3000 Fax: 732-775-5520
About Sitar Realty CompanyOne of the greatest strengths of the Sitar Realty Company is our ability to offer experience and expertise in all forms of real estate brokerage. Among our specialties are office and industrial leasing and sales, property disposition, consulting for acquisitions, investments, joint ventures and asset management. We are active in tenant representation as well as owner representation for exclusive agencies. Our intimate knowledge of the New Jersey real estate market has often meant a shorter lease-up period for exclusive properties. Most of our brokerage activity takes place in the New Jersey and New York metropolitan area and Pennsylvania. Yet, our repeated success with corporations seeking space in other states has assured these firms of the Sitar Realty Company’s strong brokerage network throughout the country. Time is critical in today’s market. Whether the requirement is 2,000 or 800,000 square feet, Sitar Realty Company’s personnel utilize the resources available to fulfill the requirement thoroughly and professionally. From site selection through data analysis, advice, negotiation, and closing, Sitar Realty Company offers a turnkey solution to each transaction. Our goal is to provide the vital services our clients need and expect in an expeditious and comprehensive manner.
Sitar Realty Company Services• Commercial Brokerage Leasing and Sales• Investment Services• Property Tax Consulting & Appeals• Property Management Services• Rent Receiver Services• Award-Winning Research• Consulting and Advisory• IRA Real Estate• Residential Division
TCN WorldwideTCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, TCN Worldwide ranks as one of the largest service providers in the industry. Across all property types and service groups, TCN Worldwide’s 1,200+ brokers and salespeople have a well-earned reputation for independent thinking and cooperative problem solving in more than 200 markets worldwide.
The data collected herein has been derived from Dept. of Labor, Dept. of Commerce, The Federal Reserve, CoStar, Sitar Realty Company, U.S. Census Bureau of Labor Statistics, Port Authority of NY & NJ and NJEDA. Data may not reflect what was previously reported due to new information coming available. The information gathered is deemed reliable, but no warranty or representations are made as to the accuracy thereof and is submitted subject to any errors or omissions. The ideas and opinions expressed in this market report reflect the views of Sitar Realty Company.
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