Getting to be Christmas time!
New Gov. coming to Trenton, looking to get development going again, cause gang without real estate construction and the jobs it creates, NJ will have a 3-5 year period of stagnant doldrums. Commercial real estate nowadays is a tenant/landlord renegotiation. If you have a lease coming up for renewal, its probably a good bet you'll pay less next year. As far as sales, the volume is the lowest it has been in memory. Deals just can't get financed even IF the parties agree on price. There will be a major shift in volume if the US decides to increase the cap. gains rate which will spur a rush to exit the commercial investor property market and save sellers the increased tax for holding on. Besides rental rates on some bldgs. in Piscataway NJ are the same as they were 20 years ago.
Stay tuned for more inventory to hit the market BIG in 2010. Telling investors to BE PATIENT.
Happy Holidays!,
Chris Galiano, SIOR
Managing Director
NAI DiLeo-Bram & Co.
cgaliano@naidileobram.com
Tuesday, December 8, 2009
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