"The waterfront is going to see whatever kind of availabilities they have get taken," adds Douglas H. Haynes, managing principal of CRESA Partners/New Jersey, which until recently was the corporate services arm of Alexander Summer. "That's particularly true with the online trading firms like Charles Schwab and Knight Trading, who were just committing to the Lefrak Organization's project at Newport [in Jersey City]."
As far as the situation in general, "business will go on and people are going to need facilities," Haynes tells GlobeSt.com. "We're seeing evidence of this in the outer markets, like Parsippany and along the I-78 corridor in the Berkeley Heights area, where some sublets are available from AT&T. We've already heard that a lot of the sublet spaces for Aventis Pharmaceuticals have already been spoken for."
"Fundamentally, people are taking a deep breath and really haven't realized the magnitude of what's happened," Knee says. "But from a real estate standpoint, I suspect that a lot of the buildings that have been available either directly of through sublet will be receiving a lot of attention. There is just a tremendous amount of sublet activity going on."
Has Binswager/Klatskin gotten much feedback? "We've gotten a plethora of calls on a number of projects we're handling, one for Motorola and one for Dendrite," Knee tells GlobeSt.com. "And Motorola, which is currently in the building, is trying to determine what they can do to help people. For example, if a tenant comes to us needing 50,000 sf for three to six months, Motorola will do everything they can to make that possible."
Which brings up one gripe from Knee. "We're seeing some companies promoting their buildings, saying they're five minutes or 10 minutes away from New York City," he says. "But we're not advertising or trying to do our business any differently than normally. It's a fine line, but our clients don't want to sort of 'ambulance chase' in the wake of this tragedy."
Haynes, too, confirms significant interest in some CRESA Partners/New Jersey's clients' properties. "We do have availabilities," he notes. "We're working on a sublet now for the Movado Group, and we've already had several calls on it. We located them from Lyndhurst [NJ] to a Mack-Cali building in Paramus, with the sublets coming from their old headquarters in Lyndhurst.
"New Jersey has the deepest and broadest availability in the region," Haynes concludes. "There is substantial evidence in the last few days that there are going to be some quick turn-arounds on some of these spaces.
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