Thank you for sharing!

Your article was successfully shared with the contacts you provided.

With increasing vacancies in the northern and central New Jersey office market, lenders and special servicers are becoming more willing to explore a modification and restructuring of defaulted mortgage loans in connection with a successful workout strategy. Recent market data reveals that New Jersey's office vacancy rate is approximately 24.5% as of the end of second quarter 2012. Lenders have come to realize that they will incur substantial dollars in tenant improvements, property maintenance and renovations, as well as marketing and leasing efforts to both maintain and attract new tenants. The completion of a foreclosure and the taking of title to a commercial property with substantial vacancies and uncertainty in tenant renewals of existing leases may be an expensive solution in many distressed office properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.