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Fourth Quarter 2018
Market HighlightsOffice Q/Q Total Inventory 373,560,769 SFTotal Vacancy Rate 11.30%Average Rate $25.56 PSFNet Absorption 949,886 SF
Industrial Total Inventory 836,643,238 SFTotal Vacancy Rate 4.10%Average Rate $8.68 PSFNet Absorption 498,120 SF
Retail Total Inventory 414,140,988 SFTotal Vacancy Rate 4.20%Average Rate $22.04 PSFNet Absorption 1,088,720 SF
Economic Indicators
UnemploymentRate National 3.90%New Jersey 4.00%
MedianExistingHomePriceNational $253,600
Consumer Confidence Index 128.10%
10 Year Treasury Yield 3.04%
WTI Crude Oil Price $45.15
Select Sitar Transactions4Q 2018
MARKET WATCHAll Sectors Firing, but Industrial LeadstheWay…Again
Rinse and repeat. The industrial sector of the New Jersey real estate market led the way this past quarter, as it has for the past several years. Average rents jumped an astounding $0.25 per sq. ft., quarter over quarter, and now stand at $8.68 per sq. ft. Similarly, vacancy rates declined to 4.1%.
In fact, vacancy rates declined in all three sectors of the market. Office vacancy rates dropped to an average rate of 11.3%, while retail vacancy rates fell to 4.2% (which is somewhat surprising given the internet/online impact of retail sales).
Moreover, retail rental rates rose quarter over quarter and now stand at an average of $22.04 per sq. ft. Office rents remained flat at $25.56 per sq. ft. Finally, we observed positive absorption in all three sectors, with retail out front with a positive absorption of 1,088,720 square feet.
The sale of 49,555 sq. ft., 583-unit storage facility at 47 Main Avenue, Clifton, New Jersey from Clifton Self-Storage to Prime Acquisitions Holdings. The sale price was $9,000,000. Bill Sitar Jr., Tom Palumbo, John Cranley and Andy Burachinsky were the salespeople in this transaction.
The ground lease for a 5,600 sq. ft. retail building at 575 Shrewsbury Avenue, Shrewsbury, New Jersey from Shore Investment Realty, LLC to Quick Chek. Doug Sitar, Gregg Nowell, Bill Sitar Jr. and Joseph Allegro were the salespeople in this transaction.
The sale of a 7,394 sq. ft. retail property at 1202 Third Avenue, Spring Lake, New Jersey from 10 Brown LLC to Spring Laker LLC. The sales price was $2,500,000. Ronald Schrader Jr. was the salesperson in this transaction.
The sale of a 15,000 sq. ft. retail property at 1001 Main Street, Belmar, New Jersey from Canyon Investments Co. Inc. to Maria and Michael Fazari. The sales price was $1,875,000. Helena Loelius was the salesperson in this transaction.
FEATURED LISTINGS
RETAIL3 Ronson RoadIselin, NJ 08830
Please contact: Office: 732.283.9000
DougSitarJoeAllegro732.859.2144 732.859.2144
RobBogash732.319.4680
LAND906 US Highway 1Avenel, NJ 07001
Please contact:Office: 732.283.9000WilliamSitarSr.
Cell: 908.510.9600
OFFICE /WAREHOUSE1302 Roller Road
Ocean Township, NJ 07712
Please contact: Office: 732.449.2000HelenaLoelius
Cell: 908.285.4322
Large Blocks of AbsorptionFourth Quarter 2018
Office TD Ameritrade 207,296 SF 70 Hudson Street, Jersey City Undisclosed 57,772 SF 425 Meadowlands Parkway, Secaucus Jacobs Engineering 43,005 SF 412 Mount Kemble Avenue, Morristown Industrial Gucci 437,500 SF 150 Totowa Road, Wayne Melissa & Doug LLC 208,899 SF 1203 Cranbury South River Road, Monroe Township * Concordance Healthcare Solutions 208,391 SF 208M Heller Park Lane, EdisonRetail Bob’s Discount Furniture 37,355 SF 300 Promenade Boulevard, Bridgewater Raymour & Flanigan 37,259 SF 700 Nassau Park Boulevard, Princeton LA Fitness 34,000 SF 325 State Route 35, Cliffwood * renewal
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
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, New Jersey.
Sitar Realty Company Locations
1481 Oak Tree Road - Iselin, NJ 08830Tel: 732-283-9000 Fax: 732-283-3103
503 Washington Boulevard - Sea Girt, NJ 08750Tel: 732-449-2000 Fax: 732-449-2828
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.