Citing current real estate market statistics, especially theoffice sector, he cautioned that one has to look beyond the generalnumbers at specific markets. Noting that the vacancy rate inNewark, for example, is just 5.5%, while it's in the 27% to 28%range in the Princeton market, "which is typically overbuilt. Thestatistics, therefore, are not always meaningful." But marketwide,"the state needs to continue to be attractive for such sectors asfinancial services, which create a lot of jobs and fill space.We're not doing enough--we need to do more." That said, heexpressed confidence that, "Gov. [Jon] Corzine, coming from thebusiness sector, understands."

In the larger sense, "New York very much drives what happenshere," Martin said. In that regard, the Garden State stacks uppretty well. In terms of comparables, space in 50- to 60-year-oldbuildings in Lower Manhattan is going for $45 per sf, Martin said,while space in new or nearly new buildings in Jersey City, justacross the river, is going for $30 per sf.

Turning to the local market--the NRBP is a regional groupfocused on building business in the region--"Newark is a veryinteresting story, and it will be a success story over time,"Martin said. He mentioned the variety of projects going on,including the new arena for the Devils hockey team, an extendedlight rail system and new downtown housing.