March and Sales are still Frozen

We will have to wait a few more months for the banks to get their act together before the spring thaw arrives for lending to resume. Sales prices on all commercial property are slowly declining and rental rates are following. We are a reset stage in the economy. We are at point where if owners haven't reset yet they will be. Sellers are already calling their brokers and reducing prices quickly to get the sale done.

A lot of empty space at Exit 7, 7A,
8A has its canyons too
9 has some health and Exit 10 is doing relatively fine
Office sublet space is rapidly unfolding
So it looks like a little more concessions for the tenant looking to sign a 5 year deal.

Chris Galiano, SIOR
NAI DiLeo Bram & Co.
732-985-3000