Market Intelligence Insights & Information
NAI James E. Hanson provides property statistics, demographic information, economic analysis, and comprehensive market intelligence for the Northern & Central New Jersey real estate markets. The information is gathered by NAI professionals and compiled in our quarterly industrial, office and medical office reports.
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2024 Market Reports
Rising vacancy rates amid new construction deliveries and tempered demand were the key trends in the New Jersey industrial market in the first half of the year, while average asking rents moderated.
The ongoing flight to quality has helped to sustain leasing activity in the Northern New Jersey Office market through the first half of the year. Tenants in the market continue to focus on upgrading their occupancy to Class A and trophy properties.
In Q2 2024, the base rents for Medical Office in Bergen County increased by nearly $2.00 PSF but remained static in Northern NJ.
The overall vacancy moved higher during the second quarter—rising for a fifth consecutive quarter. At 6.3% the vacancy rate is now at its highest level since 2014. Overall vacancy has risen across most of the submarkets in Northern New Jersey, not just in the Meadowlands.
Market Insights
Darren Lizzack – 2Q 2024
Brokers: Darren Lizzack discusses how brokers are involved in real estate transactions.
Darren Lizzack – 2Q 2024
Healthcare: Darren Lizzack provides an overview on the current state of the Healthcare market in New Jersey.
Andrew Somple – 2Q 2024
Office Market: Andrew Somple speaks about the current office market in New Jersey.
Thomas Vetter – 2Q 2024
Tom Vetter of NAI James E. Hanson provides an overview of the logistics landscape in New Jersey.
Kenneth Lundberg – 2Q 2024
Ken Lundberg discusses the current industrial real estate market in New Jersey as well as forecasts what may happen in 2025.
Dominic Fittizzi – 1Q 2024
Monthly Economic Indicators
The 10-Year Treasury Yield increased to 4.69% at the end of April, after closing at 4.20% in March.
The US economy added 175,000 jobs in April, the slowest gain in six months and below expectations. The unemployment rate rose to 3.90%.
The consumer-price index eased slightly in April to 3.40%, but still remains well above the Fed’s 2.0% goal.
US economic growth measured 3.40% at the end of 2023, once again ahead of expectations. The increase came from higher consumer spending amid stabilizing inflation.
News & Information
SOLD! Representing the seller, Michael Walters, SIOR and Cameron Silverstein recently negotiated the sale of 5 adjacent lots in Boonton/Parsippany, NJ.
What does the future hold for healthcare real estate? Vice President Randy Horning – CRE Advisor highlights the resilience that can be found among economic challenges.
