The Industrial and Office Real Estate Brokers Association
of the New York Metropolitan Area Inc. (IOREBA)
One Meadowlands Plaza, 7th Floor
East Rutherford, NJ 07073
Media Contact: Evelyn Weiss Francisco: email@example.com, (201) 796-7788
IOREBA Treasurer: "Activity Ahead of 2009’s Dismal Pace"
Corporate America remains Conservative in Spending but Market Pricing is getting Deals done, according to Cushman & Wakefield's Marc Graham
EAST RUTHERFORD, N.J., Nov. 12, 2010 – Major corporations continue to closely monitor their expenditures, but favorable market pricing in the New York-New Jersey region has led to an increase in leasing activity, particularly large transactions. That's the market overview offered by Cushman & Wakefield's Marc Graham, who serves as the 2010-2011 Treasurer of the Industrial and Office Brokers Association of the New York Metropolitan Area (IOREBA).
"Companies watching the bottom line and being cost-conscious has been a dominant factor for the past two years," confirmed Graham. "Cost savings are still paramount, but current pricing in the market being what it is, we have been seeing a slight uptick in leasing activity, particularly large transactions, this year compared to last year. Tenants that were uncertain in 2009 gained some certainty in 2010, although some of these decisions resulted in consolidations rather than growth.
"New Jersey is a large, diverse market, and activity continues to happen in good times and bad," Graham said. "We've heard blanket statements about how bad things are, and it is sometimes difficult to communicate that there is activity. We are indeed seeing signs of life."
In Graham's view, that activity can't be traced to specific business sectors. "There is some activity in such sectors as consumer goods, pharmaceutical, and FIRE," Graham said. "Data center activity continues to be noteworthy. That's true both in this region and nationally."
In terms of communicating market realities, that's where groups like IOREBA come in. "Take our ports as an example," he said. "The ports are such a major economic engine, one that is constantly changing and evolving, and it is IOREBA's role to educate and update our members about those changes. The same holds true for our urban centers—we need to constantly update, inform and educate our members as to the incentives and benefits that the cities have to offer. Things are happening in the state's urban settings that we constantly monitor and track."
A major ongoing theme is the great diversity of New Jersey's economy and commercial real estate. "That diversity is key, and it directly relates to the diversity of events and programs that IOREBA has to offer," Graham said. "These are challenging times, and it behooves all of us to stay on top of all of the ongoing and evolving issues that we all face as an industry."
A 16-year industry veteran, Marc Graham currently specializes in corporate leasing assignments, representing national and regional companies through his long-standing relationships. A list of his clients includes such names as Federal Express, Accenture and Langan Engineering, and since 2000, he has completed more than five million square feet of acquisition, disposition, leasing and sale transactions. A graduate of Rutgers University and winner of numerous industry awards, the Hanover Township resident is active in numerous community activities, including the Cub Scouts and youth sports.