New York City’s infrastructure problems may be pushing more companies to open data centers in New Jersey. According to commercial real estate expert Rick Drescher, a growing portion of new companies in the metro area are choosing to open data centers in New Jersey due to better infrastructure and lower costs.
Post-Tropical Storm Sandy
Months after launching a New Jersey office, Winick Realty Group is doubling down across the river with a New Jersey investment sales division.
“The investment sales market is red hot right now, with a substantial amount of business that reaches prerecession levels,” Tyler Bennett, a senior vice president and founding partner of the office, said in a prepared statement. “We believe it is the right time to launch an investment sales division to meet this demand.”
In the wake of tropical storm Sandy, questions about the vulnerability of Manhattan-based data centers may give rise to an increase in demand for data center space elsewhere in the tri-state area—possibly New Jersey.
Sandy’s impact on New York City data centers – which shut down popular websites Gawker, BuzzFeed and Huffington Post – will Read More
2011, The Suburban Report
The first quarter of 2012 ended on a strong note across the Hudson River in the historic Morristown, New Jersey.
The 706,000 square foot Class A commercial center at Headquarters Plaza sits on the pedestrian-friendly and urban Speedwell Avenue. Cushman & Wakefield of New Jersey was the exclusive brokerage firm for the complex and has Read More
Connecticut Governor Dannel Malloy wasted little time in locking in four of the five companies he promised would bring the state more jobs under his so-called “First Five” plan, an initiative launched this year with the intention of luring new companies to the Constitution State with incentives.
The demand for office space is New Jersey is considered “tepid” in a report by Cassidy Turley.
The Northern New Jersey office market ended the third quarter with a vacancy rate of 14.5 percent, a slight increase from the end of the second quarter. Office-market activity slowed in the third quarter, resulting in 339,408 square feet of negative absorption. Class B office space continues to account for the majority of negative absorption in the market, representing 92 percent of this quarter’s negative demand.
Planes Trains & Automobiles
Real Estate equity fund Multi-Employer Property Trust made New Jersey history yesterday when it announced it had purchased the Newport Tower in Jersey City, New Jersey for $377.5 million.
Westward, ho… after all!
In the confusion following the disappearance of the ARC Tunnel last month, the biggest question seemed to be what would happen to the $3 billion the federal government had set aside for the trans-Hudson train tunnel, by certain measures the largest transportation project ever undertaken. Local politicians, including Mayor Bloomberg Read More