In an era where new office projects are few and far between, two recent groundbreakings should be cause for elation. But the even as construction jobs are created by the new Church & Dwight headquarters in Princeton and Bayer's purchase of part of Alcaltel-Lucent's campus, it doesn't as yet signify real growth.

What happens to the space being vacated? The state saw a net job loss of 265,700 from January 2008 to January 2011, according to a just-released study by Rutgers' Edward J. Bloustein School of Planning and Public Policy. Find it here.

Though the job loss in 2010 came from the public sector, and the state has seen some private sector growth this year, the study predicts the state will not exceed its 2007 job peak until 2016. And with many CEOs predicting little real legislative change until after the presidential election, it may be tough to fill anything but the best buildings.

Essentially, that means that the market is merely shifting tenants from one box to another, with few if any real gains in tenancy. Is it great for those tenants who do have the opportunity to move? Of course. With rents flat by all reports, a company can now upgrade its space to better facilities with minimal increase in rent -- and by moving employees from multiple locations into one building or complex, corporate efficiency is bound to increase.

It pays to be Class A.