- While the Northern and Central New Jersey overall office vacancy rate was 24.4 percent in the second quarter, vacancy rates varied depending on a building’s year of construction.
- Approximately 40.0 percent of the 158.7 million-square-foot office market were constructed during the 1980s. These buildings posted an average vacancy rate of more than … Read More
- Nearly two-thirds of leasing activity witnessed in the Northern and Central New Jersey office market since the beginning of 2016 was focused in three key business sectors: banking/financial services, pharma/life sciences and information/technology.
- While banking/financial services and pharma/life sciences have historically accounted for a large portion of office tenant … Read More
The New Jersey/New York Metro Area leads JLL’s list of the top 18 distribution markets in the United States. Similar to the golfing world, JLL focused on 18 markets (or holes) and breaks down the study to focus on both the “front nine” and the “back nine.”
One reason the New Jersey/New York Metro Area takes the top spot in the “front nine” is because occupiers and investors benefit from the East Coast’s largest… Read More
- Big–box e-commerce requirements remain strong in New Jersey as Amazon.com, Blue Apron and Wayfair leased New Jersey’s largest availabilities. As a result of this demand, absorption skyrocketed in the second quarter of 2016, and is expected to continue at its current pace through the rest of the year.
- Nowhere was this more … Read More
- The Metropark submarket is 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.
- These attributes have drawn recent office tenant requirements to this submarket.
- After nearing 25.0 percent in 2014, the Metropark Class A … Read More
- Central New Jersey remained strongly driven by powerhouse markets like Exit 8A.
- Major submarkets in Northern New Jersey had robust leasing activity and net absorption. Small building construction (under 100,000 square feet) was active.
JLL’s industrial property clock illustrates where each market sits within its real estate… Read More
Some key 2016 trends impacting commercial real estate in New Jersey include:
- Residential and mixed-use development, with residential as the driver, continues through most of 2016 at or near current breakneck pace.
- Sites near mass transit remain tenant’s first choice (key site factors: walking distance, courtesy shuttle and reasonable commuting distance to/from Manhattan).
- Upcoming residential projects are incorporating mixed-use components, especially in Jersey City, Weehawken, Edgewater and other cities along New Jersey’s ‘Gold Coast.’
Click the… Read More
- After adding less than 30,000 jobs in 2014, an uptick in hiring led to 64,500 private sector jobs being added in New Jersey during 2015. This represented the largest yearly gain since 78,400 jobs were created in 2000.
- Education and health services led all business sectors by adding 16,200 new jobs, … Read More