![]() ![]() The largest individual transaction of the quarter was the $300 million sale of 70 Hudson Street in Jersey City. Similar to the market’s exceptional leasing activity, investment sales in New Jersey increased by a whopping 98% quarter-over-quarter to $462.9 million, while the average price per square foot was $293 per sq. commitment at Harborside Center 3, also in Jersey City.As a result of strong leasing and longer-term commitments the market’s average asking rent was up 1% to $28.44 persq.ft. lease at 30 Hudson Street in Jersey City and Collectors Holdings’ 130,419sq.ft. New Jersey’s Waterfront submarket featured the two largest leases in the market during Q1, Lord Abbett& Company’s 178,107-sq.ft. “From robust leasing to the removal of sublease availabilities from the overall supply, and the redevelopment or conversion of antiquated office buildings, the market is well poised to continue to recover over the next few quarters.”Īccording to CBRE, Class A office product, specifically in larger cities within New Jersey, accounted for 85% of Q1 2022’s total, an uptick compared to the average seen in 2021. “As we come out of the global pandemic, New Jersey’s office market has improved by leaps and bounds,” said Robert Norton, a CBRE First Vice President. ![]()
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