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Financial In Market The amount of vacant office space along the Hudson County waterfront is at a seven-year high, as the plunging stock market, widespread layoffs and a gloomy outlook for the financial services industry has prompted many companies to abandon expansion plans hatched during the high-flying years of the late 1990s.

Nationwide has become the latest big high street name to lower its credit card charges, following an investigation by the Office of Fair Trading (OFT).

Oriental Trading According to reports released yesterday by commercial real estate firm Cushman & Wakefield, the office vacancy rate on the waterfront - including Jersey City, Hoboken and Weehawken - reached 10.9 percent in the third quarter of this year, the highest since 1995.

The Office of Fair Trading's (OFT) decision to take action against unfairly high credit card default charges has been welcomed by uSwitch.com.

Financial Forex Forex Software While the area remains among the top markets in the region - commercial centers in Central Jersey reported vacancy rates of up to 20 percent - many companies that signed long-term leases in Hudson County over the past several years are now scrambling to sublease huge chunks of that space.

Watch out for higher bank charges as high street banks try to restore their profits after various initiatives from the Office of Fair Trading (OFT), warns Moneynet.co.uk.

Trading "I don't think anybody expected the depths of the recession we have," said Edwin Cohen, executive director of Cushman & Wakefield, and the author of the report.

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Trading Financial System Cohen said the surge of construction in Hudson County, particularly in the Newport and Exchange Place neighborhoods in Jersey City, produced a lot of new office space and resulted in long-term commitments by companies that now find themselves downsizing rather than expanding.

What is Vacancy Decontrol Vacancy decontrol regulations set rent at market or near market levels when a unit is vacant and regulates the raising of rent. In some cases, vacancy decontrol gives guidelines as to how high (for example, 10%) of the maximum previous rent on the unit, which take effect when a new tenant signs the lease. In terms of raising rent levels for existing tenants,

Day Trading "If anybody had a crystal ball, you wouldn't have had the amount of construction you had," Cohen said.

Forex Financial Trading The One example is San Francisco-based trading firm Charles Schwab & Co., which recently announced a round of layoffs and is now shopping 340,000 square feet of office space it leased in 2000 at Harborside Plaza 10, an office tower owned by Mack-Cali Reality a few blocks north of Exchange Place.

Fortune Make Option Trading In Newport, PaineWebber has a lease on a 1.1 million-square-foot building under construction; the company is now looking to sublet about 500,000 square feet.

Science Of Financial Market The financial district in Jersey City grew at a torrid pace during the latter half of the 1990s and is now competitive with Downtown Manhattan in terms of the rents being charged for Class A office space.

Future Trading But whereas only a few years ago offices were leased out to the highest bidder and the vacancy rate stood just above zero, the sluggish market has caught up with what industry officials have dubbed Wall Street West.

Financial Sales Services "There's very little demand, which is exacerbating the vacancies," said M. Myers Mermel, CEO of tenantwise.com, a commercial real estate company based in Manhattan.

Commodity Trading Mermel said many companies are stuck with empty space that they haven't even put on the market and have decided to simply hold onto in anticipation of the next upswing in the market.

Financial Services Trading But with virtually all economic indicators pointing in the negative direction, Mermel said commercial real estate may be far from its lowest ebb.

Online Forex Trading "Real estate absorption is a lagging factor of economic indices," he said.

Financial Portfolio Trade Following the attacks on the World Trade Center, many companies moved operations across the Hudson River.

Sierra Trading Post Much of that business has since gone back to Manhattan, although former Trade Center tenant Marsh and McLennan signed the largest deal of the year in Hudson County when it leased 420,000 square feet at the Waterfront Corporate Center in Hoboken.

Trading Financial Future Goldman Sachs, on the other hand, which is building the state's tallest skyscraper in Jersey City, will only move half the 4,000 employees it once planned to bring into Jersey City.

Forex Trading Software And JP Morgan Chase, which now occupies two new buildings in Newport, has announced a round of layoffs but hasn't yet said whether its Jersey City operations will be affected.

Trading Post Cohen said that as long as the market spirals downward, it is unlikely that companies will be looking to add more office space, in Hudson or anywhere else.

Trading System "Until you see companies start hiring instead of laying off people, you're going to have a lot of vacant office space," he said.

Forex Trading System By Jason Fink
Jersey Journal - 10/11/2002

Topic: Sprawl

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