A private investor has acquired more than 33,000 square feet of medical office space in Westwood, in a nearly $4.4 million deal arranged by Cushman & Wakefield.
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.
On the horizon
Two key asset classes in New Jersey have become inextricably linked in the last two to three years, as local governments increasingly turn to their aging office stock to fill the state’s housing deficit. Some have done so proactively, but others are acting out of necessity as they race to comply with New Jersey’s updated affordable housing law. That’s causing some market leaders to wonder if municipalities will face “multifamily fatigue” after the latest round of mandates and the corresponding land use planning, which has played out across the state over the past 12 months.
