JLL New Jersey’s 2016 Transit Hub Report features three of the state’s four suburban hubs. Below are quick facts about each.
- Considered one of the most strategic office locations in the state, owing to its superior highway access and commuter rail service via Amtrak and New Jersey Transit.
- With more than 7,400 average weekday boardings, the Metropark Station is the fourth busiest New Jersey Transit Station after New York Penn Station, Newark Penn Station and Hoboken Terminal.
- Demand has pulled the Class A vacancy rate below 17.0 percent in 2015 compared to 21.0 percent in 2014.
- Second smallest suburban transit hub market after Summit, with 2.0 million square feet of inventory nearly equally split between Class A and Class B buildings.
- Most of the office buildings are in proximity to Morristown Station, with the balance of the market near Convent Station.
- Area near Morristown Station is rapidly being redeveloped to accommodate strong demand for multifamily housing units.
- Buildings in downtown Morristown boast single digit vacancy rates.
- Passenger rail service is accessible via the Hamilton and Princeton Junction train stations located on Amtrak’s Northeast Corridor.
- With an office inventory of nearly 4.7 million square feet, represents the largest suburban transit hub market in Northern and Central New Jersey.
- More than 80 percent of the inventory consists of Class A buildings.
To read more on each of these suburban hubs, download the full report here.