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Stable MF Vacancy Persists in Hudson County

ELMWOOD PARK, NJ-Sales velocity remains low but steady statewide, although firming investor confidence and improving economic conditions are expected to boost deal flow in the coming quarters.

By Alyson Grala | Updated on January 23, 2010

ELMWOOD PARK, NJ-Despite gradual economic improvements, just a fraction of the jobs lost in recent years will be reabsorbed in 2010, keeping apartment demand soft.

While supply-side concerns remain modest statewide, more than 1,300 units will be delivered this year in Hudson County, according to a recent Marcus & Millichap Real Estate Investment Services report. As a result of this added supply, and a growing stock of shadow rentals from the tepid but still-expanding condominium market, concessions in the county are projected to rise to nearly 5% of asking rents in 2010, compared to a low of under 2% in late 2008.

Nevertheless, employment concentrations within, and near, the Hudson County submarket will keep vacancy among the tightest in the state. Vacancy also will remain at healthy levels in Morris and Passaic counties; however, elevated rents in the latter will underpin continued concession increases, says Marcus & Millichap vice president and regional manager of the New Jersey office.

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