2016 Princeton Office Market Report

January 26, 2016

MOR Web Topper

Mercer Oak Realty, Princeton Property Partners & Princeton Property Management are proud to present our 2016 Market Report (click to download). This year’s report highlights trends from 2015, what 2016 could hold, how New Jersey’s economy is doing at the moment and a look back on our 2015 predictions.

Hot topics include:

“Densification”

Building Upgrades

Millenials

New Landlord in the Princeton  Market

Incentives

If you enjoy the content in our Market Report and/or have an interest in the Central New Jersey Real Estate Market- please join us this coming Thursday morning for the Central Jersey Real Estate forecast, held at the Hyatt Regency in Princeton.

 

2016 Central Jersey Real Estate Forecast

December 14, 2015

The 3rd annual Central Jersey Real Estate Forecast breakfast will be taking place on Thursday, January 28th.

This year promises to be a thoughtful and interesting event and will feature keynote speaker Michele Brown, President & CEO of Choose New Jersey. Mercer Oak Realty’s CEO Aubrey Haines will join the panel, along with Jud Henderson of Sotheby’s, Sharbell’s Tom Troy and Tom Gates from Mortgage Master.

In addition to the panel’s economic and real estate predictions for the New Year, Ms. Brown will be giving an update on the incentives currently available to attract and retain businesses in New Jersey.

We hope to see you there!

Details: 2016 Central Jersey Real Estate Forecast Breakfast

When: Thursday, January 28th 2016

Where: Hyatt Regency Princeton

Click here for more details & registration on the Princeton Chamber’s website.

 

The Sustainable Office: A peek into the modern changing office

July 31, 2015

We were veREBA NRG Event with bufferry happy to attend the Princeton Chamber of Commerce’s “The New Way of Work” event put together by the Real Estate Business Alliance yesterday morning.

The panel discussion, along with breakfast & networking, was held at the Springdale Golf Club in downtown Princeton.

Featured speakers included Brian Marrs (Manager, Policy & Strategic Sustainability) & Bill Walsh (Director of Corporate Facilities) at NRG Energy and our friend Marlyn Zucosky (Partner & Director of Interior Design) at Joshua Zinder Architecture + Design.

Mr. Marrs & Mr. Walsh excitedly shared a sneak peak of what NRG’s new Princeton building, located on Route 1 in Carnegie Center, will include. The 130,000 sf building will serve as NRG’s new headquarters and is a mix of sustainable design elements for the sake of the environment and also experiments of NRG initiatives. Learn more about all of the features of the project on NRG’s website, here.

Ms. Zucosky discussed trends they are currently seeing in office space design: layouts that allow for more natural light into the center of the floor plan, open work spaces, huddle areas, game room and other elements to attract Millennials to companies. Mr. Walsh commented that many of the trends JZA+D has been noticing are in fact being employed within the new NRG building. Check out some of JZA+D’s projects here.

YMCA of Trenton’s 10th Annual Golf Outing Attracts Over 70 Golfers

May 8, 2015

Trenton-YMCA-Golf-OutingMonday, May 4th the YMCA of Trenton hosted their 10th Annual Golf Outing. Mercer Oak Realty’s President Sab Russo was in attendance and played in a foursome with Tim Aker, (Treasurer, Hopewell Valley Baseball & Softball Association), Randi Koss (Account Executive, Innovative Commercial Interiors) and Paul March (Managing Director, Newmark Grubb Knight Frank).

72 golfers participated in the event at Greenacres Country Club- all for a good cause. Proceeds help raise funds to send kids to summer camp who may not otherwise have the opportunity through the Summer Camp Scholarship Fund for Trenton Youth. This year’s event was the best golf outing to date for the YMCA of Trenton.

To learn more about what the YMCA of Trenton (serving Trenton, Lawrence and Ewing) is doing in the community, please visit their website: http://trentonymca.org/.

 

 

 

2015 Market Report & Real Estate Forecast

February 3, 2015

Aubrey Speaking

At 7:30 am on Thursday January 29th over 230 Princeton area professionals gathered in the Hyatt Regency Princeton to hear a panel of three local experts present their outlooks for Princeton’s 2015 real estate market. The 2nd annual Real Estate Forecast saw a 50% increase in attendance from last year.

Mercer Oak Realty’s Aubrey Haines presented the company’s Princeton Office Market Report, recounting that 2014 had been a year of significant activity and continued growth for the area.

Haines also spoke at length about the supply constraint that will be seen in the market as absorption rates have been steady and there has been little to no speculative construction of new office buildings. He highlighted larger deals that had been done in the market and also touched on evolving company culture and employee’s expectations of their work and living environments. “These changes will play a significant role in the type of space companies choose to reside in in the coming years. The Princeton market’s shortage of large available spaces and the updated work place demands make build-to-suit options very attractive.” Haines commented.

The event was hosted by the Princeton Regional Chamber of Commerce’s REBA (Real Estate Business Alliance) and in addition to Aubrey Haines, the panel included Judson Henderson of Callaway Henderson Sotheby’s International Realty, Francis Keene from PNC Wealth Management and was moderated by Tom Gates of Mortgage Master.

Henderson covered Princeton’s residential real estate market and Keene spoke on the current economy. Attendees had a chance to ask the panel questions and a lively discussion ensued ranging from qualities of the Princeton market that makes it so attractive to office tenants to residential buying trends in specific Mercer County submarkets.

You can download the 2015 Princeton Office Market Report here. If you’d like to receive a hard copy, please call (609.452.0200) or email (info@merceroak.com) us.

The experiment that is Bell Works

January 21, 2015

Last Tuesday we had the opportunity to get to know one of the biggest commercial real estate projects going on in New Jersey.
IMG_0935CREWNJ hosted an event located at, and all about, the Bell Works building- a 2 million sf structure in Holmdel that was formerly called Bell Labs. Sitting on 472 acres, the massive campus was home to over 6,000 engineers and is considered the birthplace of a rather impressive list of inventions including: the development of the first cellular wireless voice transmission technology, the laser, technologies which help make the internet possible, the transistor, and many, many more.

 
Eero Saarinen, an extremely well known Finnish architect, designed the building (dubbed “The Biggest Mirror Ever” due to the reflective quality of its exterior) and by 1962 scientists were busy creating the future within its walls. Expansions occurred in 1966 and 1982.

 
The former Bell Labs building is a large rectangle consisting of four rectangular sections at each corner (6 floors high) connected by massive, glass filled atriums. There are corridors located on each of the 6 floors that open up to the atriums on the interior of the building. On the exterior of the building the corridors create bright, glass lined hallways. The corridors (or sky-bridges) and atriums help to connect the space and originally served as a place for scientists to walk around, smoke and chat to help break up the hours spent behind laboratory doors. Unfortunately, by the mid 2000’s the halls began to empty.

 
This is where the new name, Bell Works, comes in. In September 2013 it was announced that Somerset Development Corporation purchased the property for $27 million. Somerset has envisioned a redevelopment of the property- creating a Town Center for Holmdel within the massive building, eventually including some housing and outdoor recreation spaces in future phases.

 
Last Tuesday’s CREWNJ event presented a panel of professionals who have been working on the project: Tom Michnewicz, CEO of Somerset Development, Michael Bruno Esq. Giordano, Helleran & Ciesla, P.C. – Land Use and Redevelopment Counsel, Duane Davison, Esq. Township of Holmdel Counsel and Alexander Gorlin, Alexander Gorlin Architect, LLC.
The conversation detailed how they hope to give life back to the building while still preserving its historic importance. The mixed use environment is to include first floor retail, restaurants & bars, a hotel, fitness centers, spa, green space, and office- all centered around a pedestrian friendly “street” located in the largest central atrium space. In essence, the building will become its own mini-city. Inspiration has been taken from the classic, clean modernist design and will be meticulously applied to project moving forward.

 
Will this redevelopment be the grandest experiment to take place at this historic site to date?

 

And will it set a new example for the repurposing of outdated office space in the Garden State?

 

We’re looking forward to seeing how it turns out.

 
Learn more about the Bell Works project at their website: bell.works.

Join us: 2015 Real Estate Forecast

January 7, 2015

We are looking forward to the 2nd annual Princeton Real Estate Forecast coming up at the end of this month. On January 29th, our CEO, Aubrey Haines, and a panel of other Princeton area real estate professionals will be discussing their economic predictions for 2015.  There was a great turn out for the 2014 Real Estate Forecast and a lot of thoughtful discussion. We look forward to an even better event this year.

If you’re free on the 29th, please join us at the Hyatt Regency Princeton for breakfast and thought provoking conversation. We hope to see you there!

Please click here to register on the Princeton Chamber website.

Details at a glance: 2015 Real Estate Forecast
Brought to you by: Princeton Chamber of Commerce’s Real Estate Business Alliance
Panel featuring: Judson Henderson (Callaway Henderson Sotheby’s International Realty), Aubrey Haines (Mercer Oak Realty), Paul Anastos (Mortgage Master) and Tom Gates (Mortgage Master) as Moderator
When: Thursday, January 29th – 7:45 am until 10:00 am (Breakfast included)
Where: Hyatt Regency Princeton

TASK Holiday Food & Gift Donation at PrincetonSouth

December 4, 2014

TASK-Web-PhotoReflecting on 2014, the Mercer Oak Realty team has a great deal to be thankful for. We know that many folks have not been as fortunate, and the holidays are always a good time to remember that.

This year there will be a Food & Holiday Gift Donation box set up in the Lobby of 200 PrincetonSouth Corporate Center- ready to collect some help for our neighbors in the Trenton area who are struggling this winter. If you are tenant of PSCC or happen to be in the area, we welcome you to join in the giving spirit and add a little (or a lot!) to the TASK (Trenton Area Soup Kitchen) Collection box. Or, if you know you’ll see one of us outside of the office do not hesitate to hand off your donation in person.

Holiday gifts can be donated up until December 12th & food items until December 22nd.

See flyer with a list of suggested items here: TASK Food Drive Flyer

If you’d like to learn more about TASK please visit their website: www.trentonareasoupkitchen.org

Please send any questions or suggestions along to Caitie Caroleo in our office: ccaroleo@merceroak.com.

 

200 PrincetonSouth Corporate Center, Suite 100, Ewing, NJ 08628 | Directions

 

 

US1 Covers Sab Russo’s Commercial Real Estate Trends

October 27, 2014

Sab had a chance to chat with Diccon Hyatt of US1 last week before he gave his presentation at the MIDJersey Chamber’s Breakfast Forum on Thursday the 23rd.

Hyatt not only learned about the booms & busts that would be in Sab’s presentation, but also a little more about Sab himself.

Check out the article here.

Industry Thought Leaders Discuss the Princeton Commercial Real Estate Market

October 23, 2014

This morning’s MIDJersey Chamber Breakfast Forum had a great turnout, despite the cold rainy start to the day.

Attendees sipped coffee and snacked on pastries as Jerry Fennelly (NAI Fennelly), Sab Russo (Mercer Oak Realty) and David Lodato (Credit Union of New Jersey) took turns speaking about various important aspects of the current Princeton Commercial Real Estate Market. The gentlemen fielded questions from the audience after all three presentations had been given.

Sab Russo covered drivers of the market- what we’ve seen in the past during upturns and down swings, and distilled that information to help us understand what markers may present themselves to help us anticipate the next down swing. He also spoke about some changes that have been seen recently in regards to how companies are actually using their space, and how their needs have changed.

“No one can predict the future, but what we can do is study what has happened in the past, understand why it happened and use that new knowledge to help guide our clients and ourselves to more informed decisions for tomorrow.” explained Sab. “We’ve been tracking market statistics and trends since the mid 80’s- you shouldn’t live in the past, but it’s quite helpful to visit from time to time.”

Jerry Fennelly spoke at length about detailed market transactions and possible future trends in the commercial real estate market. David Lodato spent time sharing what the Credit Union has seen happening with their clients and also touched on Crowdsourcing, and how some new laws may change the game.

Mercer Oak Realty would like to extend a big thank you to the MIDJersey Chamber of Commerce for inviting us to be a part of this great event- as well as the Credit Union of NJ & V.J. Scozzari & Sons, for sponsoring and helping to organize the breakfast.

Sab’s presentation: Princeton Area Commercial Real Estate Market Drivers: Then & Now is available for download, through this link.

 

 

Breakfast Forum: Commercial Real Estate Trends in Central NJ

October 21, 2014

What’s your Thursday morning look like? Have time to grab a cup of coffee and danish with us?

Our President, Sab Russo will be joining MIDJersey Chamber’s Commercial Real Estate Trends in Central NJ panel this Thursday morning, October 23rd, from 8 am until 10 am at Mountain View Golf Course. Sab will be speaking along side Jerry Fennelly of NAI Fennelly and David Lodato of the Credit Union of New Jersey and then fielding attendees questions.

What trends are we currently seeing in the Commercial Real Estate Market in the area? What trends have we seen before? Can they be used to help us better understand what may happen tomorrow? Join us & find out!

Event Details & Registration

Carnegie Center WebSite Post