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Tenants Take a Break From the Suburbs

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.

By Antoinette Martin | Updated on December 21, 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 years 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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