Rents, Costs Move at Record Paces Throughout Mid-Atlantic Industrial Market

By Taylor Williams Industrial brokers and developers throughout New Jersey and Eastern Pennsylvania are flush with tenant demand, but the frenetic pace and frequency at which revenues and costs change in this market has introduced a whole new set of operating challenges. In terms of the supply side of the market, developers of industrial product, like those of every other property type, have been squeezed by supply chain disruption. Prices and lead times for ordering key materials change …

April 19, 2022Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports, Pennsylvania

Transit-Oriented Multifamily Projects Transform Northern New Jersey

By Taylor WilliamsNorthern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest …

February 9, 2022Development, Market Reports, Multifamily, New Jersey, Northeast, Northeast Market Reports

Large-Format Retailers Find Turnkey Spaces, Expansion Opportunities in Northern New Jersey

By Taylor Williams Demand for retail and restaurant space in Northern New Jersey has long been buoyed by spillover tenants that find themselves priced out of premium spaces in New York City. Yet despite the fact that retail rents throughout the city have been depressed for the last 18 months, users have not flocked to Manhattan and Brooklyn at the expense of the fringe markets of Northern New Jersey. In fact, brokers in the latter region see a healthy level of demand from a wide range of …

December 21, 2021Market Reports, New Jersey, Northeast, Northeast Market Reports, Restaurant, Retail

Tenant-Focused Approaches Fuel Leasing Growth Within New Jersey’s Suburban Office Markets

By Mark Meisner, president and founder, The Birch GroupFor many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace.At …

June 4, 2021Market Reports, New Jersey, Northeast, Northeast Market Reports, Office

Demand Floods Mid-Atlantic Industrial Market

By Taylor Williams Demand for industrial space continues to surge throughout New Jersey and eastern Pennsylvania, prompting developers to undertake more projects on a speculative basis and avail themselves to the classic mantra of “If you build it, they will come.” E-commerce users, spanning every industry from building materials to electronics to food, continue to spearhead the demand side of the equation. According to the U.S. Census Bureau, in 2020, a year in which a global health …

May 18, 2021Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports, Pennsylvania

Investment Demand Heats Up for Multi-Use Logistics Assets in New Jersey

By Alex Kachris, research manager — Northeast industrial region, JLLIndustrial commercial real estate had its second-best year on record in 2020, with U.S. transaction volume nearing $96 billion. As competition among investors for industrial product remains strong in 2021, JLL Capital Markets Research isolated one sub-class that is gaining investor interest: multi-use logistics.The multi-use logistics profile includes older, multi-tenant assets ranging from 20,000 to 100,000 square …

May 14, 2021Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports

Multifamily Is A Force Multiplier in Northern New Jersey’s Economic Recovery

By Ken Uranowitz, president, Gebroe-Hammer Associates When it comes to investment in multifamily properties, as in life, change is constant. Between evolving tenant demographics and political climates to recessionary economies and a once-in-a-century pandemic, multifamily assets are continuing to prove their centuries-old knack for pivoting in times of change. Unlike any other commercial asset class, multifamily possesses an unrivaled level of agility rooted in its most-important attribute: …

May 4, 2021Market Reports, Multifamily, New Jersey, Northeast, Northeast Market Reports

Tenant Negotiating Power, Flexible Work Routines Prevail in Central/Northern New Jersey Office Market

By David Simon, SIOR, COO, NAI DiLeo-Bram Having recently surpassed the one-year mark since COVID-19 reached the United States, we can now better assess the pandemic’s impact on our local office market. Reviewing a year of data and market activity helps paint a more detailed picture of where things stand currently and may be headed. The overall direct vacancy rate for the combined counties of Essex, Middlesex, Morris, Somerset and Union New Jersey has risen 120 basis points since the start …

April 29, 2021Market Reports, New Jersey, Northeast, Northeast Market Reports, Office

Diverse Mix of Retailers, Restaurants Remain Active in Northern New Jersey

By Danielle Brunelli, president, R.J. Brunelli & Co. On both the landlord and tenant sides, 2020 was a tough year for the Northern New Jersey retail market. But as some of the industry’s most optimistic voices predicted, the hard times are passing, and actually passing fairly quickly. In 2020, we saw leasing activity decline by almost 30 percent year over year. This languishing activity resulted in a 3.1 percent drop in the market rent on a per-square-foot basis. Over the past couple …

April 13, 2021Market Reports, New Jersey, Northeast, Northeast Market Reports, Retail

Not Urban, Not Suburban: Why Surban Living is Here to Stay

By Lenny Tartamella, COO of Larken AssociatesSince the moment the first subdivision was built, the debate defining the residential and multifamily development process has been centered around the core question of, “Where do people want to live?”As we look to answer this question in 2021, the answer is not as clear as it seemed only several years ago. It is obvious that the living preferences of millennials — those born between 1981 and 1996 who at 70 million now represent the …

March 25, 2021Development, Market Reports, New Jersey, Northeast Market Reports