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For the first time in recent history, the vacancy rate for northern and central New Jersey's industrial market ended the year below four percent at 3.7 percent.
The soft-good tenants that used to occupy big boxes are no longer what Millennials want to see in those spaces, and retail landlords need to be tuned in to their tastes, which often revolve around entertainment, NKF's Dan Samulski tells GlobeSt.com.
“907 Market Street is a high-quality asset located in the heart of Market East, the fastest growing neighborhood in Philadelphia's burgeoning City Center district,” says Joseph Sitt, CEO of Thor Equities.
The Castro Valley site was previously in escrow just before the recession in 2007/08 and as the market unraveled, the project was unable to move forward but 10 years later, the development took six months.
Oil centers such as Odessa and Midland, TX are still at the top of the list with the highest rent rebounds during the year, at 35% and 31.4% respectively.
As North Texas explodes with new development and continued growth, Allen has the foundation in place to potentially emerge as a new submarket, similar to the CBD, Uptown and Richardson-Plano.