UPPER SADDLE RIVER, NJ-Some municipal leaders are struggling to deal with what some in the real estate community say are the realities of the weak office market here.
With a first quarter office vacancy rate of 19.1%, which figures out to nearly 21 million square feet of vacant space in North Jersey according to Cushman & Wakefield, some property owners are looking to try other uses at their properties, according to The Record.
Perhaps the most high-profile example is Mack-Cali, which is looking to convert its Pearson headquarters building in Upper Saddle River into mixed-use. Although no formal plans have been submitted as yet, Mack-Cali CEO Mitchell Hersh back in February told an industry conference about his firm's wishes to have upscale apartments at the property. “It's part of the reality of the new age,” Hersh said.
However, some members of the Upper Saddle River Borough Council have criticized the plan. "It would be a tremendous burden to the municipality in terms of municipal services," says Upper Saddle River Borough Attorney Bob Regan See story in The Record.
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