Page 12 - Princeton-Mercer - Regional Life 2020
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  Real Estate from page 8
 Rentals
The rental market is brisk as well, with low vacancy rates that are spurring new construction. In 2016, Princeton- East Mercer accounted for 60 percent of the new units in the county, with
280 units permitted, according to the U.S. Department of Housing and Urban Development’s 2016 market profile. As with home prices, rents in this area are at the high end of the range, with an average of $1,348.
In Trenton, the vacancy rate for rental units has dropped markedly in recent years, as demand jumped, with an average of 440 new units permitted annually in the Trenton metropolitan area.
Commercial Real Estate
Princeton is a flourishing corporate and technology hub, leading to an equally thriving commercial market that moved into growth mode in 2017.
Life sciences companies, such as Bristol-Myers Squibb and Johnson & Johnson subsidiary Janssen Pharma, occupy 45 percent of the office market in Princeton, triple the next-closest industry, said Aubrey Haines, CEO of Mercer Oak Realty.
Speculative development has all but disappeared since the 2008 financial crisis, but built-to-suit deals are becoming increasingly popular in the area, said Haines. This allows companies that commit to long-term leases to underwrite development and ensure they will have the high- quality office space they demand, with amenities such as cafes, fitness centers and modern architecture.
The Real Estate Business Alliance
of the Princeton Mercer Regional Chamber is a partner with Marketour, a premier resource for finding
office space in the Princeton
region. Marketour is an easy-to-
use application that allows property seekers to quickly locate and review all available properties. Marketour
is continuously updated, keeping information fresh.
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