Here in New Jersey we see some industries that are booming. The Health Services and Pharmaceutical sectors are our number one and two industries, still barely outpacing the rest of the country. From a regional viewpoint, we in New Jersey have always taken many of our underlying attributes, like strong universities, great transportation infrastructure including our ports and airports, for granted.
Even our broken State legislature has been wrestling with formulas for Municipal and State incentive programs, many of which have been historically extremely lame when compared to those of other States that offer far larger and more aggressive corporate training and infrastructure programs and grants. By the way, if you are looking for free corporate training money, call our friends at TNT Educational Services who can tell you how to obtain real money for almost any training. Call (973) 439-6886-Ask for Traci Tortino.
The industrial sector has outpaced our office sector for the last few decades now. We in New Jersey are fortunate to be situated within 800 miles of one-third of the entire population of the United States, so we are a natural distribution hub. We are simply running out of space, however, so many of the larger newly constructed distribution warehouses are being located outside our borders to the West in nearby Pennsylvania and to the North in Orange County, New York.
Many of our more traditional service industries like Insurance and Financial Services, while healthy are experiencing some stress to stay competitive. Some companies are rightsizing office space with trends like work-from-home, or newly designed bench style seating which reduces the demand for space in some markets. We see the WeWorks phenomenon where small companies working from a plug and play open space concept are growing in popularity with the younger workers who find it difficult to find a career with big business.
As we start to run out of office and industrial space in some markets, we are seeing rising rents, and a strong Landlord market where terms and incentives are being pulled back, and Landlords are becoming more selective about which tenants they will choose to lease space to.
For all these reasons, we are seeing great stress from both established companies looking to lock in rental rates and newer businesses that need to preserve cash and are seeking flexible space at competitive rental rates. As tenant reps, we can take the time to understand your business drivers and show our tenants effective strategies to lock in rental rates while creating those flexible leasing options.
Now, more than ever, is the time to work with an experienced tenant rep who has your best interests in mind. If this sounds like you, then give us a call for a confidential discussion to learn why, at Dickstein Real Estate Services, “Our Difference Is Your Advantage®”.
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