The role of commercial real estate brokers has changed from performing duties as a transactional type of service provider to more of a business advisor. We are now looking at how to prepare for excess space, renegotiating rental terms, viewing the market and reporting back to clients more frequently so not to miss an early trend. So far the trend has been to buckle-up and use your space as efficiently as possible and stay put unless there is a great deal and there are.
Central New Jersey is a hotbed of activity as it relates to distribution of consumer products.
1/3 of the USA lives within 5 hrs. of NY City, so we need places to store all that product that we love to buy.Whether it be soap and paper towels, olive oil or clothes.,the "big boxes" that line the NJ Turnpike are the marquis names of consumer staples alike. The real whispers out there lately are ,"how low you think they'll go". I showed property last week and the customer within 30 seconds of inspecting a mid-size warehouse in Central NJ said, "This will work but I am shopping the cheapest deal" , so its off to the races to see which of the owners wants to fill the space and discount the rent to do it.
Got to go, the market forces are at work and when the dust settles the well-located properties will rent and the other ones not may be sold or leased CHEAP.
Chris Galiano, SIOR
NAI DiLeoBram & Co,
cgaliano@naidileobram.com
732-985-3000
Tuesday, July 28, 2009
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