State officials and the New Brunswick Development Corp. will begin efforts to strategize and craft a financial model for a redevelopment site in New Brunswick, where Gov. Phil Murphy has called for creating a campus for research and innovation.
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.
Vintage office inventory poised for upgrades
In early 2018, throughout the Northern and Central New Jersey office market, nearly 38.0 million square feet of direct and sublet space was marketed for lease. Buildings constructed since 2010 comprised less than 1.0 percent of the available space, as office occupiers gravitated towards newer product. An empty construction pipeline will challenge tenants seeking modern work environments prompting owners of vintage inventory to invest in improvements and upgrades that fulfill tenant requirements.
