The 2007 vacancy factor
was the region's second highest over the last 10 years, topped only by the 3.7% rate posted in 1998.
In downtown Sarasota, with 1,750,000 square feet of existing space, the vacancy factor
is 4.5 percent, down from 33 percent in 1991.
"Although the vacancy factor
moved up a bit in the wake of Treasure Island's decision to totally close its doors and targeted closings by Levitz Home Furnishings and several other chains, northern New Jersey retained its longstanding position as one of the country's hottest retail real estate markets," observed Richard J.
Sublease space appears to also be diminishing as the vacancy factor
declined from 21.7 percent to 19.6 percent.
Ron Solarz and Eric Anton, Senior Directors of Eastern, were given the assignment to sell the property by ownership over 18 months ago, and along with their financial analyst Paul Nigido, marketed the property to investors and users given the 30% vacancy factor
at the property.
No vacancy factor
was approved by the nine-member board, and the same low rent supplement was proposed for those stabilized apartments where the current rent is less than $450.
Moinian is also not worried about filling the office property, which currently carries a 64 percent vacancy factor
. "If the average is 75 percent [occupied], the 36 is half of the average and then we will use some creativity and the right marketing and management to attract the right tenants to surpass the average," he said.
Kunnapas commented that the Roselle Park apartment market is on the rise by reason of a low vacancy factor
, no rent controls and zero competition from new construction.
"With the vacancy factor
in the East 60s at approximately two percent, the lowest in New York City, 500 East 62nd Street represents a rare opportunity for a single user, or an investor looking to profit in a rising market," said Vincent Carrega, executive managing director of Grubb & Ellis New York.
The vacancy factor
in downtown Brooklyn is less than 10 percent, and there is no available space in the Class A office buildings.
With a 40 percent vacancy factor
, Nealon said they want to talk to any substantial tenant, but a leasing campaign as such, is unlikely to be launched until they have plans for the building.