Legacy Property Group, LLC is a full service commercial real estate firm specializing in Northern New Jersey Office, Industrial, Retail and Investment Advisory Services.
The Northern NJ office market approximates 154M SF in over 6,000 properties or just under 2% of the US market. Weak fundamentals have limited rent growth in the post- recession years, and asking rents have still not recovered to their historical peak. Northern New Jersey still attracts plenty of investors, and sales volume averaged more than $1 billion annually over the last six years.
Northern New Jersey attracts fairly consistent investment, with sales volume in the $4.5 billion range segmented by Office ($1.5B), Industrial ($1.4B), Retail ($700M), and Multi- family ($1B). Investment’s momentum is likely to be stunted, however, by the coronavirus outbreak.
The Northern NJ industrial market approximates 240M SF in over 6,000 properties or just under 1.4% of the US market. Strong demand has helped Northern New Jersey’s vacancies drop below their historical average. The market has benefited from an improved national economy, as well as an ever-growing appetite for logistics inventory as the e-commerce industry expands.
The Northern NJ retail market approximates 131M SF or just over 1% of the US market. High incomes help stabilize Northern New Jersey’s retail fundamentals. Slow and steady growth has been a theme of the metro’s performance in this cycle. Vacancies have increased in 2020 and may rise further with the coronavirus pandemic threatening the economy.
The Northern NJ multi-family market approximates 140K units or just under 1% of the US market. Rent growth decelerated last year, but also exceeded its historical average. Investors have noticed the metro’s strengthening fundamentals and more than $1 billion traded last year.
