The developer of a two-year-old, 139,900-square-foot retail center in Hudson County has sold the property to a fund managed by Bentall Kennedy, brokers with Cushman & Wakefield said.
Office market conundrum: improving economic indicators amidst minimal absorption
Experts see a significant conundrum in the office market, as every economic indicator used to forecast absorption performed at or above the forecast level. Further, closely related macroeconomic variables — such as office-using employment — grew steadily, meaning that more office employees were added without much corresponding space leased over the previous six months. While the first quarter reading of just 1.3 million square feet absorbed may be a one-time anomaly, it cannot be ruled out that a structural shift in the office space market has occurred or is occurring.