A life sciences company and an insurance firm have joined the tenant roster of a 107,000-square-foot office building in Warren, in a set of newly completed deals by Newmark.
Office
New Jersey’s office market is evolving by the day, but this fact remains: The state’s location and educated workforce make it a highly desirable place for tenants of all shapes and sizes.
Labor force challenges: An intense and growing concern
Fortunately for New Jersey, international migration of the foreign-born is countering the outflow of our domestic population. This trend, however, should not be taken for granted, as immigrants are now heading to other gateways. It is crucial for our economic competitiveness that New Jersey maintain its historic attractiveness for these international arrivals.
Firsthand experience
To say that this month’s cover story is near and dear to me is somewhat tongue-in-cheek, but it’s also true. After all, I did spend five years working on the vast stretch of sprawling, landscaped office parks that is Davidson Avenue in the Somerset section of Franklin Township, which plays a prominent role in our February issue. As many of you know, the area is part of a 500-acre corporate business district along Interstate 287 that, in recent years, has grappled with millions of square feet of outdated and mostly vacant office space. Township officials are now meeting that challenge head-on, thanks in large part to a zoning change in late 2020 that paved the way for developers to repurpose those sites as industrial space.
