Raymond A. Sohmer
Senior Vice President
Carol L. Reed
Senior Property Manager
With a prime midpoint location along the East Coast and optimum highway accessibility, New Jersey’s commercial market offers a wealth of opportunity and resources for corporations. The Hudson Waterfront, which is located across the Hudson River from downtown Manhattan, has become a popular location for Wall Street firms and other New York companies looking for more value in their space needs. New Jersey also has an abundance of pharmaceutical companies, including U.S. headquarters for pharmaceutical giants Johnson & Johnson, Merck, Wyeth, Bausch & Lomb, and Sanofi-Aventis. In recent years, data centers have also become increasingly popular as corporations focus on the importance of maintaining secure information technology systems offsite.
New Jersey has the largest concentration of warehouse and distribution space in the United States. In particular, the Central New Jersey Industrial Market is best known for its massive distribution facilities. Given the network of roads that converge near Exit 8A on the New Jersey Turnpike, this region is ideal for distributing to the substantial and affluent populations residing in the Northeast from Boston to DC. In addition, the Ports of Newark and Elizabeth, which contain the largest and most comprehensive collection of maritime cargo handling facilities on the eastern coast of North America, drive the demand for space in New Jersey. The Port of New York and New Jersey is the third largest in the country and remains the number one importer and exporter of automobiles in the United States.
The Northern and Central New Jersey real estate market contains over 249 million square feet of office space and 708 million square feet of industrial space. As such, New Jersey is the third largest industrial market in the country and one of the largest office markets. The work force, which consists of approximately 4.5 million individuals, is well trained with 34% having earned a bachelor’s degree or higher.