New Jersey is largely built out, at least as far as the best locations are concerned, meaning redevelopment is often the only option. That’s driving a series of new investments by shopping center owners that have secured new deals with supermarkets and other big-box tenants. Those landlords are now renovating their assets in conjunction with the new anchor leases, which figures to help attract new retailers to those properties.
Brighter days ahead: Panelists bullish on Jersey City office market amid historic Bank of America lease, continued residential boom
If there were ever a time for optimism — specifically for Jersey City’s embattled office market — it may as well come after a blockbuster 548,000-square-foot lease. That bullishness was evident Wednesday at the annual Jersey City Summit, where panelists were largely upbeat and confident that the submarket was due for a major uptick after several challenges in recent years.
Panel: Interest in office space picking up as employers mull re-entry plans, hybrid schedules
Employers are hoping to find a middle ground as they determine how best to bring workers back to the office. While that strategy is still taking shape, occupiers have already begun to weigh their post-pandemic options in places such as Jersey City, driving an uptick in building tours and the prospect of new leasing activity.
DeMarco, Pozycki see a corporate anchor as the next step for Jersey City waterfront
The sweepstakes for Amazon’s second headquarters had ended just a few hours earlier, but Mike DeMarco invoked the name of another technology giant with an outsized footprint. With less fanfare, comparatively speaking, Google in recent years has steadily grown its presence across Manhattan’s West Side, energizing neighborhoods such as Chelsea and the Meatpacking District. And published reports say the company is preparing for another major expansion that would push its portfolio in the city beyond 6 million square feet.
It’s the kind of story that Jersey City can only hope for. DeMarco doesn’t think it’s so far-fetched, given all the city has to offer.