Brokers voice continued optimism for commercial real estate market heading into 2018
What can you expect from the CRE market in 2018? We gathered some of our leading brokers to provide insights on what the market holds for a variety of asset classes as well as key factors that impact our industry.
Senior Vice President W. Joshua Levering, SIOR, on Office
“We have seen an ebb and flow to the office leasing market in northern New Jersey over the past many years as companies sought out the suburbs and cost savings options. First, was the move out of NYC to the suburbs, now back to the urban centers. Demand will simply be based on long-term solutions for cost-effective operations of the business and retention of quality employees. Offices of 20 years ago are no longer in vogue among leading companies when searching for suburban locations. Next year, we will continue to see the creation of modern, amenity-rich office buildings either through redevelopment of existing properties and (our hope) for new ground-up development. Overall, the office leasing market in New Jersey will continue to stabilize with good leasing velocity and a slight reduction in overall vacancy rates. On the sales and investment side, both urban and suburban office buildings, especially those with quality locations, will be highly sought after by both user/buyers and the investment/development community!”
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