New Jersey Commercial Market Update


Office demand for spaces ranging from 25,000-50,000 square feet were most popular in the first half of 2016 (JLL). Falling into second and third, for the most popular square footage office spaces, respectively were 35% for 25,000 or less square feet and 26% for 50,000 or more square feet.

Housing real estate prices continue to gradually increase, still recovering from the collapse of 2008 and foreclosures continue to weigh on the market.

The overall commercial real market in regard to office buildings in New Jersey has seen an increase in sales prices; IPG attributes this increase due to more access in financing and sellers finally willing to release their buildings for a reasonable price. IPG believes this trend will continue until the end of the year. We believe that the presidential election results will have some impact although not immediate.

 

Written by: Lindsay Craven