"We can't build the space fast enough," legendary metro areadeveloper and New Jersey waterfront savior Sam LeFrak tellsGlobeSt.com. Indeed, most spec properties are finding a majortenant-often for the entire building-within weeks after theirannouncement.
"The Northern New Jersey office market is as tight as it's everbeen," comments Seena Stein, president of Newmark-NJ, Rutherford."The waterfront is leading the way-leases are out on the next twobuildings to be built at Newport Office Center and majorcorporations are fighting for space in future buildings."
Those next two buildings would be Newport V and VI, which havenow been substantially pre-leased by Chase Manhattan Bank (seeearlier story). In any case, "activity is actually creating greatopportunities elsewhere in New Jersey," says Stein.
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