I saw a study from Rutgers Business School called the “Dry Cleaner Index” which correlates dry cleaning receipts to New Jersey economic trends. The idea is that an increase in dry cleaning receipts indicates an uptick in hiring and an expanding state economy. Their data shows a macroeconomic expansion for the state. This should also … Continue reading What does dry cleaning have to do with vacancy rates?
"Market Conditions slow, but steady." DTZ's Q2 Northern NJ Market Overview Some notable data points: Overall vacancy rate decreased from 17.6% for the previous quarter to 17.4%. Average rents are $24.41 per square foot, essentially flat over the last two years. "...a modest improvement is expected for the state’s economy over the near term and tenant activity should also … Continue reading Tenant View – Northern NJ Market Report – Q2 2014
The Star Ledger has an article about the February jobs report and related economic data, which increased from a five year low. "Employers added more workers than projected in February, indicating the U.S. economy is starting to bounce back from a weather-induced setback." The overall economy has positive signals for the future, including hiring in … Continue reading Good reads – CRE news from the week of March 3
There were a number of stories discussing a bullish trend among real estate investors both here in New Jersey and around the country. Mack-Cali sold a number of their office properties to Keystone Property Group and Mountain Develoment also acquired a property in the Meadowlands. Bergen Record: Mack-Cali selling Fair Lawn, Montvale offices as part of … Continue reading Good reads – CRE news from the week of February 23
There have been a couple of recent articles that may prove foreboding for the future of office space. A piece in Fastcompany.com (why the office is the worst place for work) is only the latest to beat the drum of remote working and an article in the Bergen Record (Snow day's virtual classroom: Are lessons … Continue reading Eliminate the building entirely?
The Star Ledger put together a nice piece highlighting the impact that all of this winter weather has had on the economy. Losses tracked by major insurers show that "average annual winter storm losses have doubled since the early 1980s... Manufacturing output took a tumble in January... and car sales at Ford, GM and Toyota … Continue reading Good reads – CRE news from the week of February 10
Al Jazerra America reports that "Rising prices and a boom in office construction are key indicators that the economy is growing," a narrative that was reinforced by a story in Quartz.com covering a recent statement suggesting optimism from the president of ArcelorMittal, who expects steel use in the US to grow. The New York Times reports … Continue reading Good reads – CRE news from the week of February 3, 2014
New Jersey continues to struggle with job creation, and the December's report just about wipes out the gains that were picked up during 2013. The unemployment rate did drop, but that was due to the labor force declining. Jersey City is trying to market itself as an attractive alternative site for urban dwellers on the … Continue reading Good reads – CRE news from the week of January 25, 2014
The state economy continues to struggle against high unemployment, despite some modest job gains towards the end of 2013. Despite this, the region, and a few companies in New Jersey received venture capital funding, showing that not everyone is giving up on the state. The Wall Street Journal highlights significant construction taking place in some … Continue reading Good reads – CRE news from the week of January 20, 2014
Some interesting news about the wealth of the state, despite persistently high unemployment. According to an article in the Star Ledger, "New Jersey has the second-highest percentage of households worth at least $1 million in the country." (I guess the article I posted in last week's news run-down about all of the people leaving New Jersey … Continue reading Good reads – CRE news from the week of January 13, 2014