PARSIPPANY, NJ-While the pace of leasing remained flat in the first quarter, Colliers Intl.'s Robert R. Martie says owners, developers, and brokers are reporting an increase in the number of inquiries from potential occupants.
“Large corporate campuses are becoming available at market-adjusted rates and large transactions are being bolstered by strong corporate balance sheets, aggressive New Jersey State incentives, and favorable interest rates,” Martie says.
In its Q1 report, Colliers cited reports of two big New York City-based banks eyeing space in Jersey City:
- The Bank of New York Mellon is considering 350,000 square feet in either downtown Manhattan or Jersey City, and
- The Royal Bank of Canada is seeking 150,000 square feet in Jersey City.
The Bank of NY plans to sell its historic Art Deco skyscraper at 1 Wall Street, it was reported in December.
Colliers cited the move by Forbes Media to relocate to 93,000 square feet at 499 Washington Street in Jersey City as helping to “buoy the market” in Q1. After decades in Midtown Manhattan, Forbes made the leap with the aid of Grow NJ tax credit worth $27 million. It committed to bring 350 jobs to Jersey City.
In the past year, the Haier Group relocated from Manhattan to a 58,000-square-foot space in Wayne; Valeant consolidated its New Jersey and Rochester, NY, operations into a 310,000-square-foot Bridgewater location; and Bayer consolidated its New Jersey and Tarrytown, NY, operations into 650,000 square feet in Hanover.
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