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.

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What’s in store for New Jersey’s commercial real estate market in 2022?

Over the course of the pandemic, commercial real estate has experienced notable highs and lows. The current market has rebounded vigorously and now exceeds pre-pandemic levels. To learn what’s in store in 2022, we sat down with Cushman & Wakefield’s powerhouse New Jersey Capital Markets team. Founded by Andy Merin in 1987, the team has been involved in more than $34 billion in property sales throughout its tenure.

Industrial
CenterPoint opens 183,000 sq. ft. Newark warehouse that will serve as Costco facility

CenterPoint Properties has unveiled a new 183,000-square-foot industrial building in Newark, where it has redeveloped a former resin plant in the heart of the city’s port district.

Retail
Joint venture sells 129,000 sq. ft., ShopRite-anchored center in Hackensack, JLL says

JLL has negotiated the sale of Riverfront Plaza, a 129,000-square-foot shopping center anchored by ShopRite in Hackensack.

Office
Saxum sells repositioned office, retail building in Montclair for $18 million, Marcus says

An investor has purchased a newly renovated office and retail building in downtown Montclair for $18 million, brokers with Marcus & Millichap announced Tuesday.

Residential & Mixed Use
Gebroe-Hammer inks sale of 83 apartments in Paterson, in deals totaling $12.4 million

An apartment owner has sold 83 units in Paterson for a combined $12.36 million, in a series of newly announced transactions by Gebroe-Hammer Associates.

Retail
CBRE: Milbrook acquires 190,000 sq. ft. West Caldwell retail center for $47 million

A joint venture has sold a nearly 190,000-square-foot, grocery-anchored shopping center in West Caldwell for $47 million, according to a brokerage team with CBRE. 

Residential & Mixed Use
Construction nearly complete at 250-unit Newark Urby project

Developers are nearing completion of a project that will bring another 250 apartments to downtown Newark, in what will be the latest piece of a growing residential brand.

Office
Leica Camera to move North American HQ to Sanzari’s Glenpointe campus

Leica Camera Inc. has signed a long-term lease to bring its North American headquarters to Glenpointe, Alfred Sanzari Enterprises’ flagship business campus in Teaneck.

Industrial
Bergen County light industrial building on the market, priced to sell for $30 million

The owner of a light industrial building in Fair Lawn is looking to sell the nearly 150,000-square-foot property, in a new offering by JLL’s New Jersey capital markets team.

Professional Services
Veteran broker Schubert joins Lee & Associates New Jersey as partner

Lee & Associates New Jersey has announced the addition of longtime office broker Geoffrey Schubert, adding a 54-year industry veteran to its Elmwood Park-based team.