DIGI, which develops hardware and software connectivity products, is relocating NetSilicon from its previous location next door. Its new space is in a 141,000-sf building which is currently 66% leased. Charles Benson and Norman Duffy represented the property owner, Duffy Associates, in the transaction, while Glenn Rhuda of Mohr Partners represented the tenant.
Rhuda says that he cannot disclose the lease rate but he points out that DIGI took advantage of what is "clearly the best tenant market the area has seen in the last 10 years." Most recent market reports put the area's vacancy rates in the 20% range with property owners willing to make concessions and provide reduced rates for good credit tenants. According to CRESA Partners' fourth quarter tenant's report, the suburban market is driven by technology, and because further downsizing is anticipated in most companies the real estate will continue to experience higher vacancy rates and reduced rents.
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