New York & Tri-State + Tri-State + Opportunity Zones | January 14, 2019

NJ Office Rents Reach New Peak; QOZs Loom Large in the Future

Office redevelopment throughout New Jersey has pushed the state’s average asking rent to a new high of $26.94 per square foot, according to Transwestern’s fourth-quarter report. Led by TD Ameritrade’s relocation to 70 Hudson St. (pictured) in Jersey City, Q4 leasing saw positive absorption year-over-year in 15 of 21 submarkets.

“Qualified Opportunity Zones will play a major role in the revival of the office market on a national level, and New Jersey ranks among the top areas in the U.S. for development potential in these areas,” said Matthew McDonough, Transwestern’s managing director. “Newark’s Amazon HQ2 bid proved to be a useful exercise that prepared the state to showcase its incredible talent, higher education and vast infrastructure.”

Q4’s most active submarkets in Northern New Jersey included Newark, Bergen North, Meadowlands, Hudson Waterfront and Morristown Region. Somerset/Interstate 78 East, Princeton Area, Route 287 South and Monmouth East led the pack in Central Jersey.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).