Northeast

By Jonathan Glick, executive vice president, Sheldon Gross Realty Projecting future trends is always challenging, particularly when you’re attempting to do it during a global pandemic. But to date, several promising signs suggest that New Jersey’s office market is moving in a positive direction —sluggishly and bumpily, perhaps — but in an encouraging direction nonetheless. Newly delivered projects can provide insight on where the Garden State’s office market is headed in terms of geography, design, functionality and usage. We offer several examples of 2020 deals that help illustrate these trends. Sheldon Gross marketed and brokered the sale of a two-story 13,000-square-foot office building in Cranbury that featured an appealing location, just off exit 8A of the New Jersey Turnpike. The structure had been for sale and vacant for two years, but its out-of-state owner was willing to wait until a fair market offer materialized, which it did just prior to the COVID-19 outbreak. But with the pandemic unleashed on the market,  all communication and negotiations ceased. By May, the prospective purchaser had withdrawn from the transaction. It wasn’t until September that a new deal was negotiated with a buyer that intended to occupy most of the building, rather than sharing …