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 …

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 …

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 …

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: …

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 …

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 …

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 …

Demand-Build-Repeat Cycle Characterizes Southern New Jersey Industrial Market

By Scott Mertz, SIOR, president, NAI MertzThe industrial sector has proven to be the only entity with innate immunity to the coronavirus.The onset of the virus has had nary an impact on the soaring demand, rising lease rates and rapid pace of new construction in the major industrial markets throughout the nation. If anything, the increased reliance on home delivery due to stay-at-home orders has only elevated the need for well-located warehouse space from e-commerce …

Will 2020 Be A Year to Remember or Forget for the New Jersey Office Market?

By Jonathan Glick, executive vice president, Sheldon Gross RealtyProjecting 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 …

New Jersey Industrial Market Displays Remarkable Resiliency Amid Pandemic

By Mark Russo, director of research, Newmark Knight Frank The industrial markets of Northern and Central New Jersey have held strong thus far in 2020 as heightened e-commerce activity has offset the disruption caused by COVID-19. Total e-commerce sales rose by 31.8 percent in the second quarter relative to that period in 2019, according to data from the U.S. Department of Commerce. While demand for retail and office space has been negatively impacted, steady rent growth and stable vacancy …

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