REBusinessOnline

Location, Demand Drive Statewide Growth in New Jersey Industrial Market

A combination of location and demand for e-commerce continues to drive industrial activity across New Jersey, spurring increased activity in the already robust northern and central regions of the state and driving a frenzy of activity in the south. Unlike some of the previous speculative booms, however, this one appears be carefully thought out and is likely to be sustainable. Northern and Central New Jersey We are seeing an enormous increase in the number of tenants interested in the …

Lehigh Valley Office Market Continues to Grow

From large publicly traded companies to mid-size tech companies and small professional services firms, companies are taking notice of the office development and vibrant live-work communities being built in the Lehigh Valley. [caption id="attachment_214426" align="alignright" width="100"] Don Cunningham, President & CEO, LVDEC[/caption] Located one hour north of Philadelphia and 90 minutes west of New York City, the Lehigh Valley is a two-county region in eastern Pennsylvania …

Investors Key in on Southwest Philadelphia Multifamily Sector

Apartments in Philadelphia’s urban core command premium rent, prompting more renters to consider living in the surrounding suburbs. Rising demand for apartments in submarkets both near and far from Center City have helped lower vacancy and improve rent growth. Southwest Philadelphia, in particular, has exhibited these trends despite elevated construction activity. The combination of favorable property fundamentals amid supply additions draws strong investor interest, leading to increased …

Eastern Pennsylvania Industrial Market: 2018 May be the Year to Beat

During the first half of 2018, the Eastern Pennsylvania industrial market has been anything but quiet. Fueled by occupier demand and the institutional capital community’s perpetual appetite for industrial product, there has been unprecedented activity on the transactional front, which is up significantly year-over-year. From a pure volume perspective, the market is on a trajectory to make this the most active year on record. Unlike prior years where product starved capital markets would …

New Development, Emerging Submarkets Shift Manhattan’s Office Landscape

Bolstered by New York City’s growing and diversified economy, Manhattan’s office market continued to hum along during the second quarter, if at a slower pace than earlier in 2018. Technology, advertising, media and information (TAMI) companies are looking at in-demand submarkets such as Chelsea and Midtown South, where the bulk of new development is underway. Some financial firms are contemplating a move to the Hudson Yards neighborhood, where more than 9 million square feet of space is …

New York City Retail Opportunity Never Better, Nor as Challenging

2018 is a compelling time to be in retail real estate, especially in New York. Sure, rents are probably still too high, but the vacancy rate keeps pressure on landlords and developers. There is no doubt Amazon will continue to disrupt and dominate, but reports of retail’s demise have been greatly exaggerated. The lower rents and vacancies are creating opportunity for retailers who can adapt to the factors driving consumers’ shopping habits. Perhaps more importantly, many of the city’s …

Office Market Picking Up the Pace in Manhattan

After a sluggish start to the year, the Manhattan office market has experienced a strong rebound. In the second quarter, more than 10 million square feet of space was leased, the highest quarterly total since 2014, pushing year-to-date leasing activity to just over 17 million square feet. At mid-year 2018, there were 17 new leases exceeding 100,000 square feet and 35 new leases of more than 50,000 square feet.  Although the economy has been at a peak for an unusually long time, the …

E-Commerce Industry Solves Logistics with Air Cargo in New York City

As the e-commerce industry continues to grow and evolve, demand for industrial warehouse product located in dense urban areas situated with access to transit infrastructure, particularly air transit, has grown.  The industrial sector has been experiencing multiple years of record rent growth, both locally in New York City and nationally, with average asking rents reaching nearly $30 per square foot in western Brooklyn and parts of Queens. This rapid rise in rents is driving property values …

In Fairfield County, New Challenges Call for New Retail Strategies

America’s $3.5 trillion retail sector is going through tough times. E-commerce has cut into the conventional brick-and-mortar market by roughly 12 percent, an impact that has decreased rents, increased retail vacan- cies and left landlords increasingly anxious. But even in this period of widespread adjustment, the number of store openings nationwide has outpaced closings. We see this in Fairfield County, Connecticut, with first-quarter vacancy rates in 2018 totaling 3.7 percent, 30 …

Rent Growth, Higher Demand Lead to Improved Outlook for Connecticut Multifamily Market

More apartments are being rented in Southern Connecticut, which is benefiting multifamily properties in the Fairfield County/New Haven region in several important ways. For New Haven, this means the return of rent growth. In Fairfield County, the added demand for rentals continues to support new development. An improved outlook for both markets has also positively influenced investment activity. In 2017, multifamily operators in the New Haven metropolitan area had one of their best years …

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