The odds are in favor of New Jersey’s commercial real estate market gradually pulling itself out of its recession and post-recession slump, with the office sector clearly trending upward and maybe turning a corner. That’s according to Kevin Thorpe, chief economist at national real estate services firm Cassidy Turley, who spoke at the firm’s New Jersey headquarters in Chatham late last month.
“The future is brightening without question in New Jersey and I’m not the only one saying this,” he said.
Thorpe said state-wide vacancies are down to just above 15 percent, reflecting the first improvement since vacancies hit their 21st century peak last year. The North and Central Jersey markets rank among the top 10 nationally in demand for office space. New Jersey’s need for office space has grown every month for more than a year, despite the fact that the nation’s overall demand has, according to Thorpe, been “subpar” over the course of the recovery.
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