EAST RUTHERFORD, NJ-The commercial real estate market in North/Central New Jersey has almost no appetite for “vanilla suburban office” space right now, Cushman & Wakefield executives are reporting. The picture is much more savory for “best-of-class” office, and for the industrial warehouse sector, they added in a briefing on first quarter data.
C&W’s H. Gary Gabriel said investment trends appear unchanged from 2011 for office sales: Last year was dominated by six large deals – four of them in Jersey City - accounting for 87% of all transactions, totaling $1.5 billion. Gabriel says there could be roughly $1 billion in investment sales in 2012, based on first-quarter transactions totally $600 million.
The handful of huge deals in core markets in 2011 brought the average per-square-foot price for the year up to $259, he said. In the first three months of 2012, the price averaged just $97.
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