New Jersey – Northern
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Financial Data Currency[1]
No
Transfer Taxes
Office Occupier Market Condition
Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2018
Labor Cost – Wages for “Knowledge Workers”. Source: Trading Economics.com, OECD Wage Report, Colliers International
Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2018
Tenant Favorable – Assessment of the real estate market condition. Source: Colliers International
Typical Loss Factor
15%From rentable to useable square feet
Landlord Concessions
Fit-Out Concession
Amount of Fit-Out Concession
$5/sf-$30/sfTypical range of fit-out contribution.
Rent-Free Period
Standard Range of Rent-Free Months
0.5mo.-1mo.Typical number of rent-free months.
Rent-Free Period Notes:
Most office leases are Gross + Tenant Electric (TE). TE is typically $1.75 to $2.00 PSFPayment of Fees/Commissions
Lease Provisions
Lease Term
3yrs.-15yrs.Typical lease term in years.
Lease Term Notes:
Typical lease term is 5 yearsOperating Expenses & Service Charges Included
Additional Charges
$1.75/sf-$2/sfEstimated range for all additional charges per Square Feet.
Additional Charges:
Service Charge Notes:
Work-letters vary based on many variables but usually $3.00 to $5.00 PSF is an average estimate.CAM and Taxes typically run about $10.00 PSF combined, and tenants pay annual pass-throughs.
Tenants are typically receiving 0.5 to 1 month free for each year of the lease term.
Lease Fundamentals: The following apply to both office and industrial leases.
Lease Execution Requirements:
Negotiated Subletting/Assignment
Landlord Consent: Typically, the landlord's written consent IS still required.
Statutory Subletting/Assignment
Blend & Extend Strategies
Statutory Early Termination
Negotiated Early Termination
Early Termination Notes:
Cost: not typical, but if so, unamortized costs plus a penaltyIndustrial Occupier Market Condition
Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2018
Labor Cost – Wages for “Knowledge Workers”. Source: Trading Economics.com, OECD Wage Report, Colliers International
Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2018
Tenant Favorable – Assessment of the real estate market condition. Source: Colliers International
Landlord Concessions
Fit-Out Concession
Amount of Fit-Out Concession
$1/sf-$2/sfTypical range of fit-out contribution.
Rent-Free Period
Standard Range of Rent-Free Months
2mo.-4mo.Typical number of rent-free months.
Payment of Fees/Commissions
Lease Provisions
Lease Term
3yrs.-10yrs.Typical lease term in years.
Operating Expenses & Service Charges Included
Additional Charges
$1/sf-$3/sfEstimated range in total for all additional charges per Square Feet.
Additional Charges:
Lease Fundamentals: The following apply to both office and industrial leases.
Lease Execution Requirements:
Negotiated Subletting/Assignment
Landlord Consent: Typically, the landlord's written consent IS still required.
Statutory Subletting/Assignment
Blend & Extend Strategies
Statutory Early Termination
Negotiated Early Termination
Early Termination Notes:
Cost: not typical, but if so, unamortized costs plus a penaltySection 1. Fit Cost Data
Total Fit-Out Cost
Class A Office
Class B Office
Flex Office / Warehouse
Warehouse
Total Fit-Out Cost Notes:
Except for Jersey City and Newark NJ all values can be reduced by approximately 10-15% for Class A Office (ex. $300=$262.50), Class B Office; Flex Office/Warehouse; Warehouse.Furniture Cost
Class A Office
Class B Office
Furniture Cost Notes:
Dependent of size of Office vs. Warehouse; Office Portion Priced as Class B Office; Warehouse typically N/A.Assuming Allsteel or similar. Except for Jersey City and Newark, all values can be reduced by approximately 10-15% for Class A Office (ex. $300=$262.50), Class B Office; Flex Office/Warehouse; Warehouse.
Low Voltage Cabling Cost
Class A Office
Class B Office
Flex Office / Warehouse
Warehouse
Low Voltage Cabling Cost Notes:
Dependent of size of Office vs. Warehouse; Office Portion Priced as Class B Office; Warehouse typically N/A.Assuming Duplex CAT6 to each seat location. Except for Jersey City and Newark, all values can be reduced by approximately 10-15% for Class A Office (ex. $300=$262.50), Class B Office; Flex Office/Warehouse; Warehouse.
Other (IT/etc) Cost
Class A Office
Class B Office
Other Cost Notes:
Dependent of size of Office vs. Warehouse; Office Portion Priced as Class B Office; Warehouse typically N/A.Assuming Security and AV Equipment @ $12.50/RSF each for Class A and $5/RSF each for Class B.
Except for Jersey City and Newark, all values can be reduced by approximately 10-15% for Class A Office (ex. $300=$262.50), Class B Office; Flex Office/Warehouse; Warehouse.
Construction to Move-in Cycle Time
Class A Office
Class B Office
Flex Office / Warehouse
Flex Office / Warehouse
Cycle Cost Notes:
Assumes a standard Architectural-Engineering self Certification process with both landlord and statutory "as of right" approvals for a 20,000 RSF space delivered as a "white shell" by the developer/landlord; Assuming a 4 week Approval process; Owners FF&E, IT and Security inclusive of Move of no more than 4 weeks.Section 2. Scope of Work Description
Phase 1: Services Before and During the Transaction
Phase 2: Service Before and During the Design Process
Phase 3: Services Before Construction
Phase 4: Services During Construction
Additional Services: Services During Relocation
Additional Services: Project Management Services Related to Furniture/Workstation Procurement
Business Climate Business Climate data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable). Please refer to the full report Explore 2017 for additional details.
Incentives and Labor Market
Incentives
Value potential, diversity/number of programs
Job Saturation
Competition for workers
Wage Inflation
Rise in wages (past 10 years, local currency)
Educational Attainment
HS Ed Eq
Proportion of population attaining this level
University Ed
Proportion of population attaining this level
Overall
Composite average of HS Ed Eq & University
Composite
Additive sum of incentives, saturation, overall ed attainment, and wage inflation