Martin Dowd, office leasing and urban redevelopment attorney at McCarter & English (Newark) was quoted in the article, “Because incentives under the Economic Opportunity Act lower the effective cost of occupancy of office space, I foresee some absorption by new business coming to the state, mostly from multistate operations moving some functions here, rather than wholesale moves of entire companies from other states. Meanwhile, Newark’s landscape will be in flux, with Prudential’s move creating 700,000 additional square feet of office vacancy, pressuring rents throughout downtown and possibly leading to distress for all but the highest quality properties.”
1.1.2014