Any recovery in 2002 is expected to be slow, with scant new construction, analysts, brokers and local officials said.
Because of the complexities of erecting data centers, which can cost more than $1,200 per square foot, many projects that were announced as long ago as 2007 are only now beginning construction, several brokers said.
The new construction, most brokers agree, is in response to the dwindling supply of prime space of 200,000 square feet or more in tight markets like Morris and Somerset Counties, the Route 1 corridor near Princeton and along the Hudson River in Jersey City.
Settlement growth has accelerated in the past two years, since the end of the temporary construction freeze brokered by the US.
An alternative is to call an experienced construction loan broker who has done all of the homework for you and has direct access to hundreds of banks nationwide.
It is also the farthest north in the area that the partners have developed a building, reflecting the northward migration of new construction, many residential brokers said.
Nextel brushes off such criticism and continues to introduce products, like national and international push-to-talk service, and data services for real estate brokers, construction workers and other business users.
The slow recovery has also held back employment, as millions of construction workers, mortgage brokers, electricians and others who depend on a robust housing market remain sidelined.
A jack of many trades, Eric routinely logged 100-hour weeks working as a mortgage broker, construction foreman and landlord on several multi-family investment properties.
In that case, new construction obviously works best, brokers say, and such units also tend to be in buildings with lots of amenities.
