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
In what is typically the slowest part of the year, demand for industrial space remained robust through the third quarter. Average asking rents, which experienced a sustained period of growth over the last several quarters, have leveled.
Office market conditions were relatively unchanged through the third quarter with vacancy rates and asking rents showing little movement. Asking rents remain highest along the Hudson Waterfront where there are several large block availabilities in trophy properties.
The Fed’s September 50 basis point rate (BPR) cut is welcome news, but healthcare real estate investors generally remain tempered in their enthusiasm. Aging baby boomers and increased demand suggests that medical office buildings will remain popular investments.
The vacancy rate in the Meadowlands rose during the third quarter, mirroring the trends of most of Northern New Jersey. Deliveries of new construction have added nearly 800,000 square feet to the submarket so far this year.
Market Insights
Current State of Capital Markets – 3Q 2024
Greg James of NAI Hanson discusses the latest on capital markets.
How can the Fed’s interest rate cut impact your real estate strategy? – 3Q 2024
Greg James of NAI Hanson shares insights on navigating today’s rate environment.
How to Retain Tenants with Proper Property Management – 3Q 2024
Hovannes Bakalian of NAI Hanson discusses the essential role property management plays in retaining tenants in today’s commercial real estate landscape.
Current State of Industrial Leasing Activity – 3Q 2024
James Delmonte of NAI Hanson discusses the state of industrial leasing activity, asking rents, absorption, and more.
How Office Owners Can Best Position Their Buildings – 3Q 2024
Jessica Curry of NAI Hanson discusses the current state of the office market and sheds light on what owners are doing to find success today.
What Are Office Tenants Looking for in Today’s Market? – 3Q 2024
Josh Levering of NAI Hanson discusses how office tenants continue to adapt their space needs around the future of work.
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.