JERSEY CITY, NJ—The pending move by Forbes Media from Manhattan to Jersey City may be the first of a number of media companies making headlines by relocating operations here.

While commercial brokers disagree as to whether Forbes will lead an influx of media companies in search of lower costs due to dwindling advertising revenues, local real estate executives say Jersey City is getting hard looks by a number of firms currently based in New York City.

Jeffrey Schotz, executive vice president for leasing and marketing Parsippany-based SJP Properties, says that SJP is in discussions with other media companies for Hudson waterfront office space. He adds that some New York City-based technology and financial services firms are also looking for cheaper space in Jersey City, according to NJBiz.com.

Asking rents for Class A space in the first quarter in the Midtown South section of New York City that has been popular with media companies averaged at approximately $75 per square foot, according to Jones Lang LaSalle. Class A space runs about $37 per square foot on the Newport waterfront in Jersey City.

Forbes is moving 350 jobs to 499 Washington Blvd., a 14-story tower owned by the LeFrak Organization in Jersey City this December. The firm received a 10-year, $27-million tax credit from the New Jersey Economic Development Authority as an incentive to relocate operations from Manhattan.

Marylou Berk, senior vice president of property management in New Jersey for Lefrak, says that "lately we have seen a growing number of media and consumer companies attracted to … the Hudson waterfront." She adds that the media companies are attracted to Jersey City due to its communications and transportation infrastructure.

"We expect that over the next few years a growing number of new industries, from media to consumer companies, will migrate away from New York City as they realize the many benefits of locating within Newport's community," Berk says. See story at NJBiz.com.