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Transit hubs – full speed ahead
Transit hub markets continue to report lower vacancy rates and higher rental rates compared to the suburban New Jersey office market. Green signals expected to return as companies pursue office space in proximity to walkable amenity-rich areas with access to mass-transit.
Transit hub markets speed away from competition
Office buildings within the state’s transit hub market record lower vacancy rates and higher rents compared to suburban spaces, according to JLL’s annual research report. Companies continue to pursue office space in proximity to walkable amenity-rich areas and with access to mass-transit options for their workforces and clients.
State’s Top Housing and Economic Development Officials, Innovators and Key Leaders Among Dynamic Housing and Economic Development Conference Speakers
Now in its 22nd year, the 2018 Governor’s Conference on Housing and Economic Development takes place October 2-3 at Harrah’s Waterfront Conference Center in Atlantic City with over 100 dynamic speakers and a special keynote address by Governor Murphy.
Big box space conundrum
At mid-2Q 2018 only three Class A industrial buildings larger than 500,000 square feet were available for lease throughout New Jersey. The shortage of space caused leasing to slow down at the start of the year without any big-box leases signed in first five months of 2018. On a positive note, five buildings greater than 500,000 square feet are set to break ground in 2018.
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.
