REBusinessOnline

New Jersey Multifamily Demand Keeps Pace With Stepped-Up Supply

With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway …

Northern New Jersey Shows Strength in Office Construction and Redevelopment

Despite a slow start to the year, the Northern New Jersey office market decreased vacancy to 20.2 percent as we moved from fourth quarter 2016 into 2017. More than 750,000 square feet of office space is expected to be absorbed in the market to drop the vacancy rate 20 basis points. New deliveries in Morris and Essex Counties, including a 200,000-square-foot office for UPS in Parsippany, are leading the way. Moreover, landlords and investors alike are upgrading and investing in larger …

New Jersey Retail Market Gains Ground on Multiple Fronts

The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. [caption …

Greater Philadelphia Office Fundamentals Reflect Continued Strength

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a …

New Jersey’s Post-Suburban Economy Feeds Statewide Multifamily Investment

With city-like, apartment-rental living back in vogue, New Jersey — from its urban centers to its suburban bedroom communities — is transitioning to more walkable, transit-focused neighborhoods. From Northern, Central and Southern Jersey’s green, well-manicured garden-apartment courtyards to the sleek Class A high-rises peppering Hudson County’s Gold Coast, multifamily living and investment are catalysts for sustained statewide economic and population growth. The groundwork for this …

Non-Traditional Retailers Are Behind Much of the Leasing Activity in New Jersey

Business was brisk in 2016 for retail real estate brokers in Central and Northern New Jersey. As online shopping continued to impact which retailers fill brick and mortar spaces, several trends emerged at malls and along New Jersey’s highways. The shrinking list of retail categories in which customers prefer or need to visit a store in person includes quick-serve and sit-down restaurants. Chick-fil-A opened new stores in Woodbridge and Jersey City; Chipotle in Holmdel; and Habit Burger in …

The Class B Office Market is Strong in Northern New Jersey

[caption id="attachment_168549" align="alignright" width="100"] Chris Flammer, The Blau & Berg Company[/caption] [caption id="attachment_168546" align="alignright" width="100"] Jason Crimmins, The Blau & Berg Company[/caption] In the office segment there has been plenty of news regarding Class A assets. Companies have been flocking towards upgraded space. Landlords have made significant capital expenditures to their buildings to attract and retain these tenants. We have seen …

Pharmaceutical Sector Dominates Suburban New Jersey Relocation Activity

[caption id="attachment_157428" align="alignright" width="100"] Keith DeCoster,Savills Studley[/caption] By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest …

How New Jersey Retail Gains After Losing A&P

[caption id="attachment_154772" align="alignright" width="100"] Tyler Bennett, Winick Realty Group[/caption] The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock — they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legacy brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic …

E-Commerce, Traditional Sectors Create Momentum for N.J. Industrial Market

[caption id="attachment_154231" align="alignright" width="100"] Jules Nissim,Cushman & Wakefield[/caption]The continued emergence of the e-commerce sector, and continued healthy deal volume among New Jersey’s “traditional” industrial tenants are generating significant momentum for the state’s industrial market. This includes the food, retail and consumer products industries. Strengthening fundamentals have reinforced this theme consistently over the past 24 months, or longer. During …