MARKET WATCH www.sitarcompany.com 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. Worldwide Real Estate Services 1481 Oak Tree Rd., Iselin, NJ 08830 732-283-9000 Second Quarter 2020 Rents and Vacancy Rates Increase In the second quarter of 2020, the NJ industrial market remained relatively stable. Although average vacancy rates increased slightly from 4.3% to 4.5% from the previous quarter, average market rents increased from $9.76 PSF to $10.09 PSF. Net absorption changed dramatically from negative 879,000 square feet the previous quarter to positive 2,000,000 square feet this quarter. One interesting sale from this quarter was a 926,000 SQ FT building at 50 Veronica Avenue in Somerset sold to LG Electronics for $164,000,000. The northern NJ office market had a slight increase in average vacancy. It increased from 11.8% from the first quarter to 12.1% in the second quarter. On the other hand, the average market rents increased from $25.47 PSF to $26.11 PSF. Although average rents increased by about 2.5% this quarter, rents are fore- casted to decrease by as much as 7% in the coming months due to the lasting effect of the coronavirus out- break. A significant leasing deal was signed by McCa- rter and English for 176,000 SQ FT at 100 Mulberry Street in Newark. In the retail sector, average vacancy rates remained unchanged from the previous quarter at 4.4%. Av- erage market rates increased from $21.85 PSF last quarter to $22.30 PSF. Many malls and stores are be- ginning to open up following lockdown, but business is slow as retail stores are not well tailored to social dis- tancing. The market rent is still forecasted to decrease by as much as 15% by the end of 2020. The American Dream Mall, originally planned to open some of its re- tail stores a week after NJ went into lockdown. It will be interesting to see if the mall’s strategy to reopen will be successful because the mall was designed to bring in shoppers with its attractions, such as the water park and ski hill, which will not be able to operate any time soon. Northern New Jersey Key Performance Indicators The lease of 31,418 sq. ft. of industrial space at 200 Industrial Way, Eatontown, New Jersey to E&G Brina Corp. from Denholtz, LLC. Immediately upon occupancy, E&G Brina, a hand sanitizer distributor, signed for an additional 12,000 sq. ft., bringing their total to 43,418 sq. ft. at this location. Gregg Nowell was the salesperson in this transaction. The lease of 71,922 sq. ft. of industrial space at 225 Willow Brook Road in Freehold, New Jersey to EUS Imports from Cusa Realty II, LLC. Robert JanTausch and Doug Sitar were the salespeople in this transaction. The lease of 16,520 sq. ft. of retail space at 1450 Clements Bridge Road, Deptford, Woodbury Township, New Jersey to BioLife Plasma Services, LP from Deptford Plaza, LLC. Giorgio Vasilis, Justin Goodman and Joseph Allegro were the salespeople in this transaction. Select Sitar Transactions 2Q 2020
Transcript
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
Rents and Vacancy Rates IncreaseIn the second quarter of 2020, the NJ industrial market remained relatively stable. Although average vacancy rates increased slightly from 4.3% to 4.5% from the previous quarter, average market rents increased from $9.76 PSF to $10.09 PSF. Net absorption changed dramatically from negative 879,000 square feet the previous quarter to positive 2,000,000 square feet this quarter. One interesting sale from this quarter was a 926,000 SQ FT building at 50 Veronica Avenue in Somerset sold to LG Electronics for $164,000,000. The northern NJ office market had a slight increase in average vacancy. It increased from 11.8% from the first quarter to 12.1% in the second quarter. On the other hand, the average market rents increased from $25.47 PSF to $26.11 PSF. Although average rents increased by about 2.5% this quarter, rents are fore-casted to decrease by as much as 7% in the coming months due to the lasting effect of the coronavirus out-break. A significant leasing deal was signed by McCa-rter and English for 176,000 SQ FT at 100 Mulberry Street in Newark. In the retail sector, average vacancy rates remained unchanged from the previous quarter at 4.4%. Av-erage market rates increased from $21.85 PSF last quarter to $22.30 PSF. Many malls and stores are be-ginning to open up following lockdown, but business is slow as retail stores are not well tailored to social dis-tancing. The market rent is still forecasted to decrease by as much as 15% by the end of 2020. The American Dream Mall, originally planned to open some of its re-tail stores a week after NJ went into lockdown. It will be interesting to see if the mall’s strategy to reopen will be successful because the mall was designed to bring in shoppers with its attractions, such as the water park and ski hill, which will not be able to operate any time soon.
Northern New Jersey Key Performance Indicators
The lease of 31,418 sq. ft. of industrial space at 200 Industrial Way, Eatontown, New Jersey to E&G Brina Corp. from Denholtz, LLC. Immediately upon occupancy, E&G Brina, a hand sanitizer distributor, signed for an additional 12,000 sq. ft., bringing their total to 43,418 sq. ft. at this location. Gregg Nowell was the salesperson in this transaction.
The lease of 71,922 sq. ft. of industrial space at 225 Willow Brook Road in Freehold, New Jersey to EUS Imports from Cusa Realty II, LLC. Robert JanTausch and Doug Sitar were the salespeople in this transaction.
The lease of 16,520 sq. ft. of retail space at 1450 Clements Bridge Road, Deptford, Woodbury Township, New Jersey to BioLife Plasma Services, LP from Deptford Plaza, LLC. Giorgio Vasilis, Justin Goodman and Joseph Allegro were the salespeople in this transaction.
Select Sitar Transactions 2Q 2020
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
Average Sales Prices
Net Absorption, SF
Large Blocks of Absorption
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
FOR SALE61-65 Cornwell Drive
Upper Deerfield Twp, NJ 08302
Please contact:Office: 732.449.2000
Thomas Palumbo Cell: 732.921.9660
Giorgio Vasilis Cell: 732.579.7002
Please contact: Office: 732.283.9000
Brian MurphyCell: 732.539.3098
FOR SALE2000 Highway 34
Wall Township, NJ 07719
FEATURED LISTINGS
FOR LEASE707 Jackson Mills Road
Jackson, NJ 08527
DEVELOPMENT SITE
LAND
RETAIL
Please contact:Office: 732.449.2000
Helena Loelius Cell: 908.285.4322
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830732-283-9000
Second Quarter 2020
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin,NJ 08830732-283-9000
Second Quarter 2020
MARKET WATCH
www.sitarcompany.com
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.
Worldwide Real Estate Services
1481 Oak Tree Rd., Iselin, NJ 08830 732-283-9000
Second Quarter 2020
Sitar Realty Company specializes in servicing all real estate markets in New Jersey. The Company is
headquartered in Middlesex County, New Jersey with an additional office located in Monmouth County, NJ.
Sitar Realty Company Locations
1481 Oak Tree Road - Iselin, NJ 08830Tel: 732-283-9000 Fax: 732-283-3103
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 WorldwideIn 2011, Sitar Realty Company was selected to become a member of TCN Worldwide. TCN Worldwide is comprised of more than 5,000 commercial real estate professionals serving more than 200 markets worldwide. With $58.6 billion in annual transactions and over 445 million square feet of space under management, TCN Worldwide ranks as one of the largest service providers in the industry. As a member of the TCN worldwide system, we are able to provide corporate real estate services to our clients in national and international markets utilizing the best local expertise.
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.
