Southern New Jersey operates under a completely different set of circumstances, with its economy tied to Philadelphia, one-third the size of New York’s metro area. “They’re very different markets,” Medina says. “The economy and real estate of Philadelphia have not performed as well as New York. The dynamic is very different, and the economy is not as robust.”

The industrial front also is seeing a leasing increase, though 2010 figures were actually down from the previous year, with 12.7 million square feet taken versus 13.5 million in 2009. Overall available industrial space for Northern and Central New Jersey combined remained fairly flat; primarily due to the positive absorption of several large blocks of space. The fourth quarter direct triple net weighted average asking rental rate averaged $5.79 per square foot, representing a 33-cent decline from fourth quarter 2009.

As the recovery continues, the import/export business will grow, helping the industrial market. And the state retains one major advantage that will serve it well, with the result that Cushman & Wakefield anticipates rents rising. “New Jersey is a logistical center, an overnight drive from 60 million consumers,” Medina says.

But it’s up to the government to help all sectors out. “We have created a business climate that is not attractive to new investment,” Medina says. “As the governor and legislature continue to address this, we will start seeing accelerated confidence in New Jersey.”