A well-known, Princeton-area brokerage team has joined JLL as part of the firm’s plan to launch a new office and expand its reach in the high-profile submarket.
Larken Associates is touting a 20 percent increase in leasing activity in 2018, part of a year in which it also added two New Jersey shopping centers to its regional portfolio.
A lack of new supply in New Jersey’s industrial market led to a year-end slowdown in leasing — despite high demand — setting up another year of robust activity for newly built warehouse and logistics space.
The KABR Group has acquired a two-building, 110,000-square-foot office complex in Princeton, CBRE announced, touting the buyer’s plans to reposition the property.
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.
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.
A flurry of large leases provided a jolt to New Jersey’s office market in the second quarter, but the story was vastly different when it came to investment sales. Fortunately, there are signs of a rebound on the horizon.
Many of the state’s top commercial brokers gathered recently for an annual event hosted by the Society of Industrial and Office Realtors, where the organization recognized some of the Garden State’s top deals of 2017.