REBusinessOnline

Southern New Jersey Epitomizes Consistency of the Suburban Office Market

As an adjunct of the greater Philadelphia market, but with a population that supports its own industry, Southern New Jersey is the archetype of the suburban office market. While throughout the country there has been a trend of firms migrating back to urban centers, Southern New Jersey has held its own against its metropolitan neighbor. In some instances, this area has outperformed average suburban office market metrics. Rebecca Ting, NAI Mertz For example, the national vacancy …

Multifamily Capital Chases Limited Supply in Northern New Jersey

An abundance of capital continues to flow into Northern New Jersey’s multifamily market, with most investors completing 2019 as net buyers and major institutions looking to remain active in 2020. Over the past decade, domestic and foreign investors alike have diversified into the multifamily space in Northern New Jersey and nationwide. The result has been a highly competitive playing field with limited opportunities. And with more capital in the market than opportunities to place it, many …

American Dream Ushers in Retail, Entertainment Growth in Northern New Jersey

Across the Hudson River, retailers and residents in Northern New Jersey benefit from lower rents and lower sales prices relative to Manhattan. In addition, mass transit lines that cross the river enable mixed-use destinations that offer dining and entertainment experiences, including the new American Dream project, to function as day-trip destinations for residents and tourists. “Northern New Jersey is still a strong tenant’s market,” says John Azarian, co-founder and CEO of New …

New Jersey Office Market in Good Shape Heading into Final Quarter of 2019

Employment growth in New Jersey continues to trend higher. Since the low point of the last recession in 2010, the state’s private sector has seen almost 409,000 new jobs added (through July). Of the office-using industries, professional and business services have shown healthy annual job growth — up 13,900 jobs — while financial services jobs have recorded declines over the past year. Meanwhile, the state’s unemployment rate continued to tick lower to 3.3 percent (as of July), the …

Demand Outpaces Development in New Jersey’s Industrial Market

Across the Northeast, the high level of demand from retailers, food companies and transportation/logistics firms is outpacing the level of development and redevelopment in the industrial market, causing a severe shortage of product and skyrocketing rents across the region. At the center of this trend is New Jersey, situated in the heart of the Northeast’s Boston-Washington, D.C. corridor between Philadelphia and New York City. The demand for industrial space in New Jersey is driven by its …

Industrial Development Shifts Westward From Port

Demand for industrial space is roaring throughout the submarkets surrounding the Port of New York and New Jersey, propelled by the port’s handling of a record amount of cargo thus far in 2019. As a result of the healthy demand, as well as more product coming in and out of the port, landlords are enjoying positive rent growth accentuated by a limited supply of  quality industrial space. The port experienced record growth in cargo volume handled during the first six months of 2019, according …

Array of Industries Drives New Jersey Industrial Market’s Growth

New Jersey’s industrial market continues to expand, driven by a plethora of industries, including retail, manufacturing, food companies, transportation and logistics. As the popularity of e-commerce shows no signs of abating, New Jersey has become a key location for distribution centers and last-mile delivery hubs to serve the entire Northeast region. E-retailers are scooping up available industrial space, taking advantage of New Jersey’s excellent air, freight, port, and rail …

Landlords Target Dining, Personal Services and Fitness to Woo Customers

Shifting consumer preferences for convenience and variety have become key drivers for brick-and-mortar retail. And when it comes to creating co-tenancies that drive traffic to retail properties, dining, personal services and fitness are among today’s most desirable categories. Fortunately, they also are among the sector’s most active space users in today’s market. Strong restaurant demand among brands new to, and expanding in, the regional market continues unabated, and year-to-date …

Cold Storage Demand Grows as Consumers Expect More From Their Grocers

We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery. Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and …

The Silver Lining of the Amazon HQ2 Outcome in Northern New Jersey

Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and …

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