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