Commercial real estate leaders, policy experts and public officials gathered last month to tackle an all-too-familiar problem in New Jersey — rethinking the state’s suburban office parks and retail centers to position them for the economy of the future.
G.S. Wilcox & Co. has brokered $2.5 million in financing for a nearly 24,000-square-foot, mixed-use building in downtown Morristown.
Mill Creek Residential has opened a new regional office in Jersey City, where it plans to support its continued growth in New Jersey and New York.
New Jersey’s office market is riding high from a series of blockbuster leases over the summer, recording its highest quarterly increase in net absorption in two years.
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.
A three-building, 538,000-square-foot medical office complex in Morristown has changed hands, in what HFF says is the state’s largest medical office sale this year.
A nearly 85,000-square-foot lease by a global pharmaceutical firm is among several recent deals at a Morristown office building, where ownership has unveiled $7 million in upgrades.
Teva Pharmaceuticals isn’t the only life sciences company to impact New Jersey’s office market this year, as several others have inked sizable leases to expand or upgrade their space.
For all of the appeal of having office space near a train station, eight of New Jersey’s best-known “transit hub” submarkets took a collective step back in 2017, although they continue to stand apart from the state’s suburban highway corridors.