New Jersey’s Urban Transit Hubs: Quick Facts

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JLL New Jersey’s 2016 Transit Hub Report features three of the state’s four urban hubs. Below are quick facts about each.

Hoboken/Jersey City:

  • With more than 18.0 million square feet of rentable space, this market represents the largest transit hub market in Northern and Central New Jersey.
  • Nearly 90.0 percent of the office space consists of Class A buildings.
  • Competitive rental rates for high-end Class A space have historically attracted back office/support operations of Manhattan banking and financial services firms.
  • Mass transportation system including ferries and PATH rail line provides direct links to lower Manhattan.

Hero_Transit Hub

Newark:

  • Nearly 12.0 million square feet of rentable space, representing the second largest transit hub market after Hoboken/Jersey City.
  • Newark Penn Station provides a variety of bus and commuter rail services options and handles the largest volume of passenger traffic in the state.
  • Most of the Class A buildings are clustered near Newark Penn Station.
  • Class A vacancy rate less than 18.0 percent, which was second lowest rate among transit hub markets after Hoboken/Jersey City.

New Brunswick:

  • Known as the “Healthcare City” due to its concentration of medical facilities, including Robert Wood Johnson and St. Peter’s University Hospital.
  • Considered a diverse, young city, more than 60 percent of the population in New Brunswick is under the age of 45.
  • Other than Johnson & Johnson, surprisingly few major office buildings make up the office market, one third of which is considered Class A.
  • Overall vacancy rate near 8.0 percent in 2015.

To read more on each of these urban hubs, download the full report here.

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