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UpClose with HFF’s Jose Cruz

FLORHAM PARK, NJ-Recovery and pent-up demand are creating a perfect storm of deals.

By Debra Hazel | Updated on April 07, 2011

FLORHAM PARK, NJ-The uptick in transactions in New Jersey commercial real estate is no illusion: the market is much busier than just a year ago, says Jose Cruz, a senior managing director in the Florham Park, NJ, office of HFF. Financing has opened up and investors are selling again, returning some sectors to their pre-recession pricing. Cruz spoke with me about the state of the transaction market overall, and the appeal of the Garden State.

Hazel: Is the transaction market a lot more active in New Jersey? Cruz: In 2010, a lot of investors decided that, following a really difficult period, it was time to put their toes back in the water. There were some transactions that happened. But starting in late 2010 there seems to be a lot more activity. Much of that has been driven by the debt market. As that continues to open up and be more plentiful, we’re seeing a lot of action right now.

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