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.

Office
Deluccia: Solar products firm takes 8,300 sq. ft. in downtown Somerville

A commercial solar products company has leased 8,300 square feet of office space in downtown Somerville, in a deal arranged by Deluccia Commercial Group.

Editor’s Note
Taking the lead

Industrial space may well be the new darling of commercial real estate. Yet, as we’ve seen recently in New Jersey, it’s also now the biggest target for the type of fierce local opposition that was long reserved for apartment builders.

Residential & Mixed Use
Blue Onyx prepares for pivot to large-scale urban projects, maintaining focus on social impact

Blue Onyx Cos. is filling its pipeline with larger, more ambitious development projects in Paterson and other urban markets, with an eye toward major multifamily and mixed-use investments that it says will still provide social impact and affordably priced homes.

Hospitality & Tourism
Blatstein details $50 million room, common area renovation at Showboat

The owner of Showboat in Atlantic City is detailing plans for a $50 million renovation as construction continues on a massive indoor water park at the iconic Boardwalk property.

Office
JRM completes renovation of Langan’s new Princeton-area office (SLIDESHOW)

JRM Construction Management has completed the build-out of Langan’s new office in the Princeton market, the firm announced Tuesday.

Residential & Mixed Use
Crossroads, CrownPoint buy Dover development site approved for 90 luxury rentals

A developer has purchased a site in downtown Dover with approvals in place to build 90 new luxury apartments on the parcel, in a transaction arranged by Florham Realty Group Inc.

Industrial
Diversified begins construction on 495-unit self-storage project in Orange County

Diversified Properties has started construction on a seven-building, 495-unit self-storage facility in New York’s Orange County, about 35 miles north of the New Jersey border.

Office
Mitsubishi Chemical unit signs 40,000 sq. ft. renewal at Route 202 office, production facility

A division of Mitsubishi Chemical America has renewed its lease at a 40,000-square-foot office and manufacturing facility in Morris County, brokers with CBRE said Tuesday.

Residential & Mixed Use
Buyer wanted for Newark development site approved for 209 rentals, Veerman says

The owner of a Newark property with approvals for 209 new apartments is seeking a buyer for the parcel’s land interest, in a newly announced offering by Veerman Asset Management.

Industrial
CBRE: Industrial demand, occupancy gains still strong despite slowdown from historic highs

Demand for industrial space is still robust in New Jersey despite concerns about the economy, as rents and occupancy grew in 2022 even amid a slowdown from prior years.