RealShare New Jersey Deal Execution Panel Broadly Optimistic

RUTHERFORD, NJ — The New Jersey office market is relatively upbeat, despite challenges facing properties further removed from the more desirable urban and waterfront settings, but the white-hot growth market for New Jersey still appears to be industrial, according to members of the “Garden State Deal Execution” panel at the RealShare New Jersey conference held yesterday in Rutherford, NJ. About 300 market participants attended the half-day conference sponsored by ALM Real Estate Media, Globe Street.com‘s parent company.

Industrial vacancy is in the 7.8 percent range, which is very healthy, says Brian Hosey, regional manager, Marcus & Millichap, even though more than 1 million feet of capacity will come online over the next year. Much of the demand for industrial property is being driven by dramatic changes in the supply chain for traditional retailers, the panelists say.