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.

 

Small Business Owners in Philly Metro are Excited about 2016

January 12, 2016

Sixty-two percent of respondents to the Small Business Pulse Check conducted by TD Bank said they were “optimistic” or “excited” about 2016 and the overwhelming majority of the small business owners who responded indicated that they would close out 2015 strong, most of which expected to meet or exceed their annual revenue goals.

New Jersey Business reports on the findings of this survey, including local company’s thoughts on local taxes, legislation, hiring patterns, and a number of other small business factors. Read the full report here.

Scudder Falls Bridge Improvements to Begin

January 8, 2016

scudder falls bridge

Preparation work has begun for the Scudder Falls Bridge construction project slated to begin in 2017. The bridge connects Bucks Co, PA & Mercer Co, NJ. A bottleneck during commute hours on I-95, the span (built in 1959) was recently deemed “functionally obsolete” and is long due for upgrades. Commuters and businesses in both Mercer County and Bucks County will benefit from the work done on the Scudder Falls.  Read more about the project on nj.com.

New to Market: +/-6,798 SF Class A+ Office Space

January 6, 2016

100 PSCC Suite 250 Ext Office Line  100 PSCC Suite 250 Corner Office  100 PSCC Suite 250 Conf Room  100 PSCC Suite 250 Open Area

Suite 250 at 100 PrincetonSouth Corporate Center is now available for lease.

The +/-6,798 SF office space boasts high end finishes: rich wood mixed with modern glass fronts on the offices makes the most of an expansive window line and allows natural light to filter throughout the space.

This suite is a unique opportunity in the 100 Building- taking up an entire end of the building, the footprint produces a layout with an above average number of corner offices for a space of it’s size.

Suite 250 is able to be subdivided- down to 2,000 SF.

If you have any additional questions, please reach out to Aubrey Haines below, by email directly (ahaines@merceroak.com) or by phone (609.452.0200).

We look forward to seeing you at PrincetonSouth for a tour!

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.

 

How many office buildings come with high end Italian food?

December 9, 2015

Recently, Susan Sprague Yeske visited Settimo Cielo, an Italian restaurant located in a corporate building that Mercer Oak Realty represents: 2445 Kuser Road and documented her experience in the Times of Trenton. Settimo Cielo began as a Trenton location, and to meet the requests of customers who wanted another option for dinner and weekend dining opened up the second location in Hamilton.

Along with a responsive and engaged landlord, Class A finishes and convenient location, Settimo Cielo helps to provide a strong amenity package at 2445 Kuser Road. Learn more about Susan’s experience and what Settimo Cielo has to offer in the article on nj.com, found here.

Financial Website Ranks Princeton Best Small City in America

November 4, 2015

Princeton recently received more national recognition: the “Overall Best” spot in a ranking of small cities in the US. In October, Princeton was also named the “Best College Town to Live in”. Both of these distinctions were presented by financial websites, wallethub.com and smartasset.com, respectively.

To learn more about the categories included in the decision and details on how Princeton ranked, please read the nj.com article here.

 

Have you met our affiliate, Princeton Property Management?

October 21, 2015

PPP web announcementPrinceton Property Partners (PPP) is pleased to announce the recent addition of a senior manager and formation of Princeton Property Management (PPM), an affiliate company that primarily concentrates on project and construction management.

Eric McHugh, a 20 year property and construction management veteran, joins PPM as Vice President. Most recently Mr. McHugh managed a 1,000,000 sf office and flex portfolio, overseeing tenant and capital improvement projects, developing budgets and aiding in leasing transactions. He has worked with landlords and tenants of all sizes, from publicly traded REITs to family-owned investment groups. During his tenure, Mr. McHugh consistently delivered quality projects on time and within budgets while simultaneously managing large portfolios, tenant relations and a team of technicians, contractors and office administrators.

“We are very excited to add Eric to our team. As our project and construction management business has grown, we have searched for a senior level manager that we felt could not only manage the same high quality projects PPP strives to be a part of, but also grow the already expanding property and construction management business line and continue to raise the bar for our clients.” explains Hans vanTartwijk, a Partner at PPP.

Princeton Property Partners will continue to work on investment and development projects in the Princeton region as Princeton Property Management focuses on construction and property management assignments.

Congratulations to JZA+D’s Partners!

September 24, 2015

The Partners of Princeton based integrated design firm Joshua Zinder Architecture + Design, Joshua Zinder & Marlyn Zucosky, have been selected the Entrepreneurs of the Year by the Princeton Regional Chamber of Commerce.

 

Read more on centraljersey.com.

 

New to Market: 10,000 sf Office

August 25, 2015

275 Phillips Hero Shot 275 Phillips Lobby Span

Mercer Oak Realty is proud to list +/10,000 sf of office space at Princeton Crossroads Corporate Center!

Princeton Crossroads Corporate Center is located at 275 Phillips Boulevard in Ewing, NJ. The building has easy access to/from 95- right at Exit 4 for Route 31 & boasts recently renovated common areas.

The location is great for a commute from the NJ or PA side of the river. Not only are local amenities abundant in Pennington, Lawrenceville, Hopewell and Ewing- but the building is also quite close (10 minutes) to Route 1 amenities (without dealing with the traffic during peak drive-time). The SpringHill Suites Marriot is within walking distance and the Trenton-Mercer Airport (Frontier Airlines) is a 5 minute drive, making business travel a breeze. If getting to Philadelphia is a concern, jump on 95 right next to the building for a straight shot into the city in 45 minutes.

Exterior offices, interior offices, open bullpen space and a kitchenette make up the approximately 10,000 sf space. Oversized windows and an 11 foot ceiling add a bright quality office.

Please see our property listing on the Properties page for more information, photos and a flyer.

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.

Meeting new Industrial demands: Renovations & Market Shifts

July 16, 2015

New Jersey’s industrial market has been going through some changes recently. What are they and how did they come about?

This NJBiz article highlights some of the issues with the state’s current warehouse stock and what is being done to change that.

 

$120M public-private development partnership nears completion

July 2, 2015

The College of New Jersey and PRC Group took on the challenge of creating Campus Town, a $120 million mixed use development project, in Ewing, NJ.

Campus town will include 612 upscale apartments for students and also a 11,400 sf fitness center, restaurants (such as Panera Bread,  Mexican Mariachi Grill and more) and retailers (Barnes & Noble/Starbucks and more) open to both the students and the public. It will also be an attractive amenity package for workers who spend their days in the 1 million square feet of office space less than a mile away on the I-95 Corridor.

The project will create a richer environment for the students, but will also be a boon to the community as well, creating what Curt Heuring, VP for Administration of TCNJ, calls the “perfect interaction space” for both groups.

For more details please read the full story here.

What Ewing Business is Getting a $2.125M Boost?

June 29, 2015

The Trenton-Mercer Airport, located in Ewing, NJ, will be receiving $2.125 million as part of a state grant program specifically created to add value to New Jersey’s airports through improvement projects. County Executive Brian Hughes says “I think this recognizes that the Trenton-Mercer Airport is of regional importance.”

The Trenton-Mercer Airport is home to Frontier Airlines, who has flown out of Ewing since 2012.

Read the full story here.

Companies Want Quality

June 16, 2015

The Princeton market is seeing a trend- companies moving to new space not because they need to expand, or shrink- but because they want an upgrade. Current building stock, an uptick in the economy in general and the need to create a work environment that will attract quality talent are all helping to herd companies toward higher quality buildings. Landlords with lower rental rates are helping, too.

Read the full story on njbiz.com.

Glut, defunct & stranded: What do these words describe?

June 4, 2015

NJBiz uses these words (in the article linked below) to describe suburban corporate campuses in New Jersey- with enough combined square footage to fill five Empire State Buildings.

PlanSmart NJ has taken on the task of developing a “toolkit” of sorts for municipalities to begin to deal with the 14.5 million square feet of vacant, obsolete office and/or lab space in 94 of the state’s largest (over 200K sf) buildings. These campuses that dot New Jersey’s suburban landscape are often referred to as “stranded assets” and will need some creative thinking to reposition them.

“We’re looking at it holistically — that this is an economic development project, it’s an environmental protection project, it’s a resource efficiency project,” said Ann Brady, PlanSmart NJ’s executive director. “We think there’s a lot of opportunity with these sites, to better connect them to the greater community, to use the infrastructure that’s already there, so we’re directing growth to areas where there’s already existing infrastructure.”

Oftentimes municipalities fear redevelopment, rezoning and mixed-use projects. PlanSmart NJ “hopes to frame the issue by quantifying the problem” with “a major two-year research project that will compile data on vacancy, demographics, property tax appeals and other metrics related to the sites, with the aim of creating a guidebook for local officials and sparking a policy change that could help them find new life as mixed-use assets”.

Read more in NJBiz.com here.

 

How are NJ’s incentives doing?

June 2, 2015

We’ve posted a lot about New Jersey’s current incentive packages aimed at both retaining current jobs and businesses within the state’s borders and also attempting to attract new businesses and jobs.

There are both fans and critics of these programs, as with most things. In an attempt to get an unbiased answer on whether or not these incentive packages are doing their job- Rutgers University has been given the task of figuring just that out and will start researching and releasing reports in the next 3 years.

Read more here.