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Tenants Take a Break From the Suburbs

The downturn hit New Jersey hard across all markets. But the recovery is lifting the urban office markets a bit higher and faster than the suburban campuses the state’s known for.

By Antoinette Martin | Updated on May 17, 2012

First-quarter reports on the New Jersey commercial office market were all spiced with unsavory adjectives like “weak,” “static” and “slow.” But one of the sourest comments concerned plain vanilla.

In a recent Cushman & Wakefield briefing, investment analyst Gary Gabriel said simply, “Vanilla suburban is a very difficult sell in today’s market.” Other analysts, brokers and developers were quick to agree. Last year’s office market activity was dominated by a handful of very large tax incentive-backed deals for new corporate space in urban centers, even as older class A buildings out in campus-land often went begging for buyers and tenants, they noted. The experts agreed that a “bifurcated” market, with juxtaposed trends, continued in early 2012.

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