Lions Group has secured some $200 million in financing and capital commitments for a planned 34-story, 360-unit apartment tower in Jersey City’s booming Journal Square section.
Market Sectors
New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.
From boardrooms to bedrooms (and big boxes): Inside New Jersey’s office conversion boom
Empty office buildings and half-vacant corporate campuses have become a familiar sight in New Jersey. In the wake of the pandemic, and the rise of remote and hybrid work, companies are using less space and leaving behind millions of square feet of surplus offices. At the same time, there’s a pressing need for housing and modern industrial facilities. It’s no surprise then that developers in the Garden State are increasingly turning these underused offices into multifamily residences and warehouses. This white paper explores the scale and characteristics of New Jersey’s office conversion boom focusing on the transformation of offices into residential and industrial uses as well as the impact it will have on developers, investors and occupiers.
