2015 Market Report & Real Estate Forecast
At 7:30 am on Thursday January 29th over 230 Princeton area professionals gathered in the Hyatt Regency Princeton to hear a panel of three local experts present their outlooks for Princeton’s 2015 real estate market. The 2nd annual Real Estate Forecast saw a 50% increase in attendance from last year.
Mercer Oak Realty’s Aubrey Haines presented the company’s Princeton Office Market Report, recounting that 2014 had been a year of significant activity and continued growth for the area.
Haines also spoke at length about the supply constraint that will be seen in the market as absorption rates have been steady and there has been little to no speculative construction of new office buildings. He highlighted larger deals that had been done in the market and also touched on evolving company culture and employee’s expectations of their work and living environments. “These changes will play a significant role in the type of space companies choose to reside in in the coming years. The Princeton market’s shortage of large available spaces and the updated work place demands make build-to-suit options very attractive.” Haines commented.
The event was hosted by the Princeton Regional Chamber of Commerce’s REBA (Real Estate Business Alliance) and in addition to Aubrey Haines, the panel included Judson Henderson of Callaway Henderson Sotheby’s International Realty, Francis Keene from PNC Wealth Management and was moderated by Tom Gates of Mortgage Master.
Henderson covered Princeton’s residential real estate market and Keene spoke on the current economy. Attendees had a chance to ask the panel questions and a lively discussion ensued ranging from qualities of the Princeton market that makes it so attractive to office tenants to residential buying trends in specific Mercer County submarkets.
You can download the 2015 Princeton Office Market Report here. If you’d like to receive a hard copy, please call (609.452.0200) or email (info@merceroak.com) us.
