- Since 2015, preleasing rates have continued to accelerate as developers attempt to meet swelling industrial demand near major population centers. Unable to find high quality existing facilities, many users have turned to proposed development sites, and projects under construction to meet their industrial space requirements. Over the last two … Read More
There are a few New Jersey market CRE trends that we saw at the end of 2016, that we expect to see continue in 2017.
- Among the submarkets posting the largest quarterly rent increases was the Hudson Waterfront, where the asking Class A rental rate … Read More
Article by Natasha Stokes
JLL Real Views
An unprecedented demand for industrial space and climbing office vacancy rates are leading landlords to convert low-grade office buildings into flexible warehousing.
- After registering negative absorption earlier this year, a rebound in leasing velocity changed the course of the Northern New Jersey Class A market during the past six months. Demand for Class A space led to 335,970 square feet being absorbed in the second quarter, followed by an additional 501,450 square feet … Read More
- Northern and Central New Jersey’s new industrial development has become concentrated among a small group of institutional developers. 67.4 percent of all new development this cycle was controlled by the 10 largest developers in the market. Furthermore, an additional 13.6 percent of new construction was controlled by the next 10 largest … Read More
The technology sector is still the leading industry for real estate expansion and employment growth. JLL’s 2016 Tech Outlook features everything you need to know about tech today in the United States.
Top Five National Trends to Watch
- Technology remains the leading industry for real estate expansion in the United States and has quickly become a key economic driver in many cities.
- National tech employment may be slowing, but it’s still driving employment growth … Read More
- While banking/financial services and pharmaceutical/life sciences have historically accounted for a large portion of Northern and Central New Jersey office demand, information/technology companies recently stepped into the batter’s box. This sector accounted for nearly one-third of leasing activity during the third quarter compared to less than 10.0 percent of transactions one … Read More
JLL’s Jerry Sullivan, senior vice president of New Jersey’s project and development services (PDS), shares the impact of upgrading the workplace to encourage collaboration and productivity.
Given the trends we are tracking in the workplace, Sullivan indicates “Greater focus on including programmed work areas that have mixed-use, multi-functional attributes for meetings, work activities and socialization are becoming important benefits to employees when they evaluate their work experience.”
JLL’s New Jersey 2016 Life Sciences Outlook highlights that the pharmaceutical/life sciences industry has become one of New Jersey’s leading economic engines within the last 130 years. The state claims the headquarters or operations for 13 of the 20 largest pharmaceutical/life sciences companies.