Sean Ryan is associate editor of Real Estate New Jersey, from which this article is excerpted.
The North New Jersey office market is tied to Manhattan's health. But that's not necessarily the case down in Camden County, because although it borders Philadelphia, Cherry Hill and the other towns there are not nearly as dependent on Philadelphia for filling vacancies.
"Outside of Comcast and Philadelphia law firms, the majority of growth here has come from within," says Kirk Miller, senior director in Cushman & Wakefield's Philadelphia office. "Commerce Bank has been expanding by leaps and bounds in this market, as has Lockheed-Martin."
"I would say they're definitely independent," agrees Dan McGovern, senior associate at CB Richard Ellis' Marlton office. "We've got a lot of law firms with headquarters in Philadelphia, but they're two separate marketplaces. You've got Cendant Mortgage and Lockheed-Martin as the two largest employers in the marketplace, and they're fairly independent of Philadelphia."
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