The acquisition of a 28,700 SF office building at 2310. Route 34 ... The sale of a 22,500 SF office building from Kongan
MARKET WATCH
Fourth Quarter 2017 Strength in Industrial; Flat in Office/Retail
Market Highlights
The story continues. Driven by location, e-commerce, population, port-proximity, and highway access, Total Inventory 364,951,609 SF New Jersey’s industrial market continued to boom Total Vacancy Rate 12.40% this quarter. Highlights include asking rents Average Rate $25.12 PSF rising 8.2% to $7.84 per sq. ft. Inventory rose by Net Absorption 286,101 SF 4 million square feet, vacancy dropped to 5.1%, Industrial and absorption was strong again at a positive 4.8 Total Inventory 823,228,788 SF million square feet. Office
Total Vacancy Rate Average Rate Net Absorption
5.10% $7.84 PSF 4,806,704 SF
Q/Q
On the other hand, the retail and office sectors were essentially flat. The office market statistics were basically identical to the prior quarter: total Retail inventory unchanged; vacancy a hair lower; and Total Inventory 391,844,550 SF rent a shade lower as well. Similarly, in the retail Total Vacancy Rate 4.60% market rents and vacancy was flat quarter to quarter. Average Rate $21.47 PSF Inventory rose slightly and positive absorption Net Absorption 626,671 SF continued.
Economic Indicators Unemployment Rate National New Jersey
4.10% 5.00%
Median Existing Home Price National $246,800 Consumer Confidence Index
122.10%
10 Year Treasury Yield 2.40% WTI Crude Oil Price
$60.46
Select Sitar Transactions 4Q 2017 The acquisition of a 28,700 SF office building at 2310 Route 34, Wall Township by 2310 Route 34, LLC from JC Real Estate LLC. The purchase price was $7,000,000. Robert JanTausch, Helena Loelius, and Giorgio Vasilis were the salespeople in this transaction. The sale of a 22,500 SF office building from Kongan, Inc. to 3455 Route 66 Associates, LLC. The sales price was $2,510,000. Doug Sitar and Ron Schrader Jr. were the salespeople in this transaction. Max Challenge leased retail space at 201 Lefante Way, Bayonne and at 101 S Route 73, Marlton from South Cove Commons Development II and Marlton Plaza Associates, LP, respectively. Joe AmecAngelo was the salesperson in these transactions. The lease of 7,778 SF of office space at 180 Maiden Lane, New York City to CFG Merchant Solutions from Downtown NYC Owner LLC. Bill Sitar Jr. was the salesperson in this transaction.
Large Blocks of Absorption Fourth Quarter 2017
Office Universal Technical Institute, Inc. 55,467 SF Samsung 53,1851 SF Celularity 49,660 SF Industrial Best Buy 725,400 SF Allied Beverage Group 540,000 SF Home Depot 504,428 SF Retail BJ’s Wholesale Club 100,047 SF Target 65,106 SF Final Cut 31,563 SF
1515 Broad Street, Bloomfield 2 Connell Drive, Berkeley Heights 33 Technology Drive, Warren 171 River Road, Piscataway 10 North Avenue East, Elizabeth 66 Station Road, Cranbury 1000 US Highway 1, Edison * 1099 Route 46, Parsippany 425 Route 9, Manalapan * renewal
FEATURED LISTINGS
OFFICE 1907 Park Avenue South Plainfield, NJ 07080
INDUSTRIAL 245 Belmont Drive Somerset, NJ 08873
RETAIL 1001 Main Street Belmar, NJ 07719
Please contact: Office: 732.283.9000 Doug Sitar Cell: 732.859.2144 Rob Bogash Cell: 732.319.4680
Please contact: Office: 732.283.9000 Bill Sitar Jr. Cell: 973.202.9119 John Cranley Cell: 908.370.9808
Please contact: Office: 732.449.2000 Helena Loelius Cell: 908.285.4322
Office: Quoted Rates by Submarket
Office: Vacancy Rates by Submarket
Industrial: Quoted Rates by Submarket
Industrial: Vacancy Rates by Submarket
Retail: Quoted Rates by Submarket
Retail: Vacancy Rates by Submarket
About Sitar Realty Company One 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
Sitar Realty Company Locations 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.
1481 Oak Tree Road - Iselin, NJ 08830 Tel: 732-283-9000 Fax: 732-283-3103 503 Washington Boulevard - Sea Girt, NJ 08750 Tel: 732-449-2000 Fax: 732-449-2828
TCN Worldwide TCN 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.
