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.
Click HERE to receive our Market Reports delivered to your inbox
2024 Market Reports
The New Jersey industrial market continued to be impacted by sustained deliveries of new product throughout 2024. Available space in new construction has kept absorption in negative territory over the last seven quarters. In addition to offerings from new construction, the amount of sublease space rose throughout the year.
New Jersey office market conditions were relatively unchanged throughout the year with vacancy rates and asking rents showing little movement. Year-over-year, however, the market has had shown some positive signs. Leasing activity has largely been driven by a flight-to-quality, which has helped to sustain momentum.
Medical office buildings (MOBs) performed well throughout 2024; a trend expected to continue into 2025. Declining vacancy rates, rising rents, and increased leasing and sales activity are likely to be the trends over the next 12 months.
The vacancy rate in the Meadowlands continued to rise throughout 2024, closing the year at 6.7%. The rise during the fourth quarter marked the ninth consecutive quarter of increasing vacancy. Higher vacancy has been the trend for most submarkets in Northern New Jersey, due in large part to deliveries of new construction.
Market Insights
How are interest rates impacting the CRE market?
Michael G. Walters, SIOR, Executive Managing Director, Corporate Services, discusses how interest rates are impacting each asset class.
How did buyer and seller expectations shift in 2024?
Dominic Fittizzi, Vice President, details how buyer and seller expectations have shifted in 2024 and what sellers can expect in 2025.
What factors are most important to corporate RE decision makers in 2025?
Kim Kocur, Senior Vice President, Corporate Services, shares her insights into corporate real estate decision making in 2025.
What challenges face healthcare operators in today’s commercial real estate market?
Darren Lizzack, MSRE, Vice President, analyzes the challenges facing healthcare operators and the impacts on our regional healthcare real estate market.
How are institutional investors responding to a changing industrial market?
Christopher Todd, SIOR, Managing Director, Institutional Services, takes a look at how institutional investors are responding to a softening industrial market.
Key Takeaways from the 4Q 2024 Industrial Report
James Delmonte, Vice President & Director of Research, dives into the key takeaways from our 4Q 2024 Industrial Report.
Monthly Economic Indicators
The 10-Year Treasury Yield was lower in February, finishing at 4.22%, down from 4.56% at the end of January.
The unemployment rate moved higher to 4.10% in February. The US added 151,000 jobs during the month, coming in below estimates.
The consumer price index dipped in February, putting the annual inflation rate at 2.80%, lower than expected.
GDP expanded at a slower than expected 2.30% for the final quarter of 2024. For the full year, GDP accelerated 2.8%, compared to 2.9% in 2023.
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.