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Northeast Market Reports

New Jersey Retail Market Gains Ground on Multiple Fronts

The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. [caption..

October 18, 2017

Greater Philadelphia Office Fundamentals Reflect Continued Strength

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a..

October 4, 2017

A Second Wind: Large Transactions Invigorate the Manhattan Office Market in 2017

The office market in 2017 has rebounded from the slowdown of 2016 — suggesting that Manhattan market conditions remain stronger than some might have imagined at the end of last year. Growth in office-using employment has picked up steam this year, and New York’s Gross City Product expanded at a faster rate than in 2016. Buoyed by large transactions in the financial services and government sectors, leasing activity also expanded in the first half of 2017, outpacing 2016’s mid-year leasing..

September 27, 2017

Online Retailers Find Success With Omni-channel Efforts in New York City

As America’s brick-and-mortar retail sector continues to come to grips with the impact of e-commerce on its long-term future, it is worthwhile to track the progress of the growing number of retailers who have chosen to step away from a web-only platform. These retailers are establishing an omni-channel presence by setting up operations in physical stores, and many are showing signs of success. Many such retailers are choosing to set up shop along the streets of New York City, with its..

September 18, 2017

Industrial Real Estate and the Pennsylvania Pangaea

Eastern Pennsylvania’s industrial markets continue to thrive due to low vacancy rates, increased barriers to entry, demand by occupiers and the institutional capital community’s ever-increasing appetite for industrial product. While the specific submarkets have unique nuances associated with the local economic drivers, highway networks, taxation, and labor base, the overall demand by tenants and the capital community alike is driven by elementary economic rules of supply versus demand met..

September 13, 2017

Despite Challenges, Fairfield County Office Market Shows Improvement Potential

With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first..

August 9, 2017

High-End, Specialty Retailers See More Promise in Western New York

[caption id="attachment_183539" align="alignright" width="100"] Douglas Jerum, Ferrar Jerum International LLC[/caption] A trend in retail activity in Western New York and the Finger Lakes Region over the past six to 12 months has been the announcement or arrival of a number of high-end or specialty retailers and restaurants. Although traditionally these retailers are more selective about the markets they enter, as they continue to grow nationally they have to expand the list of potential..

August 2, 2017

Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

[caption id="attachment_183528" align="alignright" width="100"] Mark Duclos, Sentry Commercial[/caption] One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of..

July 31, 2017

The Changing Face of the Providence Industrial Market

The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held..

June 21, 2017

Redevelopment Drives Much of the Retail Story in Pittsburgh

Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall..

June 14, 2017