Commercial Real Estate in New Jersey
The state of New Jersey represents 159 million net rentable square feet of office space, about a quarter of which is currently vacant. Compared to the rest of the United States, New Jersey has lagged quite a bit in economic growth since the Great Recession, but the job growth improvements seen in 2014 may be an indicator of strong commercial growth to come. In contrast with neighboring New York City, New Jersey’s economy is geared more toward small businesses and the families that run them.
While the numbers may not make New Jersey immediately stand out as a prime candidate for commercial enterprises, its geography certainly does. Any U.S. government matters can be handled conveniently, with Washington D.C. just a couple hours to the southeast. Having close proximity to New York City, cities such as Newark and New Brunswick offer more affordable rents to burgeoning business ventures among other financing boons. Jersey City, which sits right on the Hudson waterfront, has seen increasing commercial diversity due to the rapidly rising rents in neighboring New York.
The Newark Liberty International Airport enables local commerce to reach foreign markets and vice versa. For the growing e-commerce market in the state, the Port of New York and New Jersey is advantageous as well.
New Jersey employs more than 7 million people in a large variety of fields. Employment figures trail the national averages in many areas, but the state boasts high numbers in educational services, health care and social assistance industries. According to the U.S. Bureau of Statistics, the median income per capita is $71,637, which is higher than the national average. Moreover, the standard of living has remained higher than in other states with fewer families living below the poverty line compared to the national average. New Jersey may be less glamorous than neighboring states, but it is an excellent place to set up a small family business.