For the first time in five years, the Central Business District in Camden, N.J., got an infusion of office space and the right tenant can lease it for what amounts to $0 a square foot.
Yes. That’s right.
Rents on the space -- once hefty subsidies kick in from the New Jersey Economic Opportunity Act -- might look like $30 a square foot on paper but equate to a company paying nothing.
The space came available because L3 Communications has shrunk its offices at 100 Market St., and is vacating the second floor of the building. This will throw 116,000 square feet of empty space on the market. It also has meant the typically tight office market has seen its vacancy rate surge to 18 percent from 3 percent. Read more about this story on PBJ.com.