Not Everyone Gets a Trophy

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Skyline Trophy ImageThis is a true statement for Newark and the Hudson Waterfront, which are highlighted in the 2015 JLL Skyline report. Although our tri-state area neighbor New York City boasts the largest concentration of Trophy buildings in the country, Newark and the Hudson Waterfront skylines are mostly comprised of Class A assets.  Trophy buildings make up slightly less than six percent of the total number of office buildings that JLL tracks in Northern and Central New Jersey.

 

When it comes to the Trophy classification, JLL research indicated that for the average city skyline, the Trophy rental rate was 77 percent higher than the non-Trophy rate.  While this may be true in other markets, within the state the average asking rental rate for Trophy buildings in Newark and the Hudson Waterfront was $31.95 per square foot in the first quarter of 2015 compared to $31.98 per square foot one year ago.

JLL’s research team also found that the average asking rental rate for Class A buildings in Newark and the Hudson Waterfront was $27.25 per square foot in the first quarter of 2015 compared to $26.90 per square foot one year ago, a minor increase.

The asking rental rates for Class A space, along with the state’s proximity to New York City help Newark and the Hudson Waterfront to remain competitive marketplaces.

 

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