The main conclusion? The market impact of Sept. 11 was to bring the amount of available sublease space down some, and overall the market is holding its own. "While there has clearly been a slowdown in the economy, which obviously began before the September 11th tragedy, the commercial real estate market's fundamentals remain strong," comments Stanley Simon Newmark JGT CEO.

"And, in fact," Simon continues, "those factors have created opportunities for tenants, investors, developers and service providers." He points to the lack of new spec development, a more balanced market for tenants and moderate price adjustments as key factors in keeping the market stable.

"The slowdown in the national economy and depressed corporate earnings have hit the New Jersey market," Simon concedes. "But the effects haven't been dramatic, and pale in comparison to the downturn of the late '80s and early '90s. In fact, the correction in the economy has created a more balanced market for tenants, who are finding it easier to relocate or expand within the state."