ISELIN, NJ-The office market in Northern and Central New Jersey remained flat during Q1, according to a report by Studley Inc. Absorption was generally steady, but slow, with the exception being the Hudson waterfront market, which saw some sizeable block removed from the market by tenants migrating across the river from Downtown Manhattan.

“Fueled by a tightening Lower Manhattan market, the waterfront remains one of the state’s strongest markets,” says Philip Lipper, corporate managing director in Studley’s Central New Jersey office here. “A strong Dow bodes well for the waterfront because a strong Wall Street also makes for a strong Hudson Street in Jersey City, a key office address within the submarket.”

On the development side, activity doesn’t necessarily reflect demand, according to Studley. One example is the Princeton submarket, which has historically been overbuilt and currently has 10 buildings under construction despite a high 16% class A availability rate. On the flip side, the Hudson waterfront has a million sf on the boards but little under construction despite a 13.7% availability.

“Those projects will not break ground until a major tenant commits to leasing,” Lipper says. And in a macro sense, “New Jersey is locked in the throes of a problematic economy,” he says. “Now more than ever, New Jersey’s office submarkets are linked to the prosperity of the New York economy. To emerge as an independently viable economy, the government must implement measures to dramatically improve the business-friendliness of the state’s tax structure.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.