Empty office buildings and half-vacant corporate campuses have become a familiar sight in New Jersey. In the wake of the pandemic, and the rise of remote and hybrid work, companies are using less space and leaving behind millions of square feet of surplus offices. At the same time, there’s a pressing need for housing and modern industrial facilities. It’s no surprise then that developers in the Garden State are increasingly turning these underused offices into multifamily residences and warehouses. This white paper explores the scale and characteristics of New Jersey’s office conversion boom focusing on the transformation of offices into residential and industrial uses as well as the impact it will have on developers, investors and occupiers.
Retail
The New Jersey retail landscape has changed, but the spending power of its residents hasn’t. Owners of malls, shopping centers and mixed-use projects will continue to adapt and invest in the state.
