As a whole, New Jersey has a thriving economy; a solid pharmaceutical, high technology and advanced services base and the current state administration has economic development very much on the agenda.
Fairfield, NJ (PRWEB) February 23, 2011
Commercial real estate experts in Northern and Central New Jersey are being cautious in their predictions for the market in 2011, with most foreseeing a slow recovery. Jeanne Rothenberg, Vice President of Grubb & Ellis’ Fairfield, New Jersey office and acknowledged expert in commercial real estate in Parsippany and nearby areas, asserts that while nothing is completely certain as of now, the long-term future for commercial real estate in the region remains as bright as ever.
“We are not out of the woods yet,” says Rothenberg, “and the recovery of the market for commercial real estate in Northern and Central New Jersey is likely to be slow in 2011. We are seeing many positive signs, however, and some markets, such as commercial leasing in Morristown, NJ, have weathered the recent economic crisis remarkably well.”
The health of an area’s commercial real estate market is directly linked to the health of its economy. Demand for office space in a community or region doesn’t just depend on its location, it is also determined by job growth, the presence of start-ups, a generally business-friendly climate, and dozens of other factors. As a whole, New Jersey has a thriving economy; a solid pharmaceutical, high technology and advanced services base and the current state administration has economic development very much on the agenda. In the Kauffman Foundation and the Information Technology and Innovation Foundation’s 2010 New Economy Index, which examines states’ competitiveness in the new, global economy, New Jersey ranks fourth in the country.
“New Jersey’s economy has been showing signs of recovery during the past few months,” says Rothenberg, “which is likely to have a positive impact on the commercial real estate market here as well, but you’re going to have to be patient as it is not going to happen overnight. It is going to be gradual and there are likely to be challenges along the way.” In the meantime, with plenty of choices currently open to them, Rothenberg advises prospective tenants that today is an excellent time to lease Bridgewater, NJ office space and other commercial real estate in the area.
For more information on Northern and Central New Jersey commercial real estate, visit Jeanne Rothenberg’s comprehensive website, http://www.CommercialREBroker.com.