Northern New Jersey Real Estate Market Slowing, Yet Still Strong

While the office and retail segments of the market in Northern New Jersey are still strong, activity has slowed in several other categories, most notably industrial where there seems to be less inventory. Multifamily is doing well in towns that have rail access to NYC as well as a vibrant downtown with strong restaurant and entertainment draw. The most notable towns cited in this category were Morristown (considered the next Hoboken), Ridgewood, Montclair, and South Orange.
Overall, public works projects in the area, which have been held up due to the crisis over the bankrupt Transportation Trust Fund, may soon be slowly restarted due to newly approved gas tax. The gas tax for consumers will be increased by 23 cents per gallon as of November 1; the 27 cents per gallon tax for diesel fuel will be phased in over the next 6 months. It is estimated that the new tax will add $2B per year to the Transportation Trust Fund.