MARKET WATCH Market Highlights Office Total Inventory 363,526,845 SF Total Vacancy Rate 13.40% Average Rate $25.11 PSF YTD Net Absorption 405,481 SF Industrial Total Inventory 812,881,868 SF Total Vacancy Rate 5.70% Average Rate $7.00 PSF YTD Net Absorption 624,236 SF Retail Total Inventory 385,679,759 SF Total Vacancy Rate 5.10% Average Rate $20.61 PSF YTD Net Absorption 102,177 SF Q/Q First Quarter 2017 Rents Keep Rising in New Jersey The Northern New Jersey industrial market continues to strengthen as we see average rents rising to$7.00 per square foot for the first quarter of 2017 over $6.85 per square foot in the last quarter of 2016. The warehouse vacancy rate decreased slightly from 5.8% in 2016 to 5.7%, while flex projects had a higher vacancy rate of 11.4% at the end of the first quarter. The largest lease signed in 2017, was by Target at Bridgeport Logistics Center for over 718,000 square feet. The Northern New Jersey office market experienced an increase in average rents from $24.83 per square foot at the end of 2016 to $25.11 per square foot for the first quarter of 2017. The average vacancy rate decreased from 13.8% to 13.4% for the same time periods with Class A having an average of 17.4% vacancy, Class B having an average of 12.4% vacancy and Class C having an average of 7.3% vacancy. One of the larger office transactions of 2017, was Broadridge Financial Solutions, Inc. signing a +/-160,000 square foot lease at Two Gateway in Newark. Economic Indicators Unemployment Rate National 4.50% New Jersey 4.20% Median Existing Home Price National $236,400 Consumer Confidence Index 125.60% 10 Year Treasury Yield 2.40% WTI Crude Oil Price $50.54 Select Sitar Transactions 1Q 2017 The lease of 26,000 sq. ft. of retail space at 136 Monmouth Road, West Long Branch from 136 Monmouth Holdings, LLC to SJM Motorcycles, LLC. Gregg Nowell and Brian Murphy were the salespeople in this transaction. The lease of 99,636 sq. ft. of industrial space at 245 Belmont Drive, Franklin Township from Heller Industrial Park Inc. to Mack Boring and Parts Co. Bill Sitar Jr. and John Cranley were the salespeople in this transaction. The lease of 16,500 sq. ft. of office space at 2121 Route 22 in Bridgewater from Bridgewater East Associates to Capitol Care BR, LLC. Gregg Nowell and Doug Sitar were the salespeople in this transaction. The sale of a 66,000 sq. ft. industrial facility on South Foul Rift Road, Harmony Township from Par Four Associates, LLC to Stateline Fabricators. The sales price was $2,400,000. Ronald Schrader Jr. was the salesperson in this transaction.
Large Blocks of Absorption First Quarter 2017 Office Broadridge Financial Solutions, Inc. 160,070 SF Jeep 56,500 SF Qualcomm Incorporated 30,307 SF Industrial Target 718,219 SF Automann, Inc. 365,400 SF OneStop Logistics, Inc. 260,000 SF Retail Whole Foods 50,000 SF Forever 21 43,993 SF Saks Off 5th 35,975 SF Two Gateway, Newark 100 Sylvan Avenue, Englewood Cliffs 500 Somerset Corporate Boulevard, Bridgewater 980 High Street, Perth Amboy 400 Docks Corner Road, Monroe Township 77 Executive Avenue, Edison 100 Chimney Rock Road, Bridgewater 200 State Route 10 W, East Hanover Chimney Rock Road, Bridgewater FEATURED LISTINGS RETAIL 614 Cookman Avenue Asbury Park, NJ 07712 RETAIL 836 Broad Street Newark, NJ 07102 INDUSTRIAL 720, 730, 740 Federal Avenue Kenilworth, NJ 07033 Please contact: Office: 732.283.9000 Doug Sitar Cell: 732.859.2144 Please contact: Office: 732.283.9000 Brian Murphy Cell: 732.539.3098 William Sitar Jr. Cell: 973.202.9119 Please contact: Office: 732.283.9000 Ron Schrader Jr. Cell: 732.859.1781 William Sitar Jr. Cell: 973.202.9119
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 607 Lake Avenue - Asbury Park, NJ 07712 Tel: 732-775-3000 Fax: 732-775-5520 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.