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.

Events
ULI Northern New Jersey unveils honorees for April awards gala

The Urban Land Institute’s Northern New Jersey chapter has announced the winners of its 2024 Excellence Awards, highlighting a host of projects and professionals involved in land use and development in the state.

Health Care & Education
NAI Hanson: Three tenants combine for 9,400 sq. ft. at Kearny medical office building

A medical office building in Kearny has welcomed three new tenants after a set of leases totaling more than 9,400 square feet, brokers with NAI James E. Hanson announced Tuesday.

Finance & Capital Markets
NAIDB: Morris, Middlesex counties shine in subdued capital markets environment

In a somewhat muted environment for commercial real estate investment, Morris and Middlesex counties were two bright spots in New Jersey in the second half of 2023.

Top News
Larken Associates touts 943,000 sq. ft. in new commercial leases, renewals in 2023

Larken Associates has started 2024 with near full occupancy after a year in which it completed more than 420 commercial real estate transactions comprising nearly 943,000 square feet.

Office
JLL: Dodge Foundation takes 9,200 sq. ft. at Fidelco’s new-look 550 Broad in Newark

The nonprofit Geraldine R. Dodge Foundation has leased nearly 9,200 square feet at a well-known office building in downtown Newark, in a newly announced deal by JLL.

Professional Services
Sacramone, former HLW New Jersey leader, joins JLL brokerage team

JLL has bolstered its New Jersey brokerage team with the addition of Kimberly Sacramone, an accomplished workplace expert with more than three decades of industry experience.

Office
Newmark: Woodbridge office park thriving with 143,000 sq. ft. in leasing since late 2022

A private equity firm is reaping the benefits of upgrading a Woodbridge office campus, where it has secured more than 140,000 square feet of leasing activity since late 2022.

Office
Law firm buys 6,000 sq. ft. office building in downtown Montclair, NAI Hanson says

A law practice has acquired a newly renovated, 6,000-square-foot office building in downtown Montclair, in a newly announced deal by NAI James E. Hanson.

Finance & Capital Markets
Newark: Developers eye office-to-residential project with $22 million Northwind Group loan

A joint venture has secured $22 million in financing for its plan to expand a Newark office building and repurpose it as a new 10-story, 92-unit multifamily property.

Events
An uneven recovery? NAIOP panelists see different paths for different asset types in 2024

The state’s industrial and office sectors both faced headwinds in 2023, but the year ahead for each asset class may be decidedly different. That was a key takeaway last week from panelists at NAIOP New Jersey’s Annual Meeting and Commercial Real Estate Outlook, who noted that demand for warehouse and logistics space has normalized after a record-breaking run during the pandemic. Office landlords, meantime, are still grappling with shrinking corporate footprints and remote work policies, further straining submarkets that are both aging and oversupplied.