The spotlight was on Northern New Jersey’s multifamily and office markets this month as Member Paul Fiorilla presented an encapsulated view from Yardi Matrix’s latest research on those markets for 2020. Some of the highlights include:
• The largest growth in the northern New Jersey region over the last year has been in leisure and hospitality as well as the multifaceted services segment
• New Jersey rent growth for multifamily units, while lower that the national average, has held to a steady 2 to 3 percent
• Transit-oriented housing, while not unique to New Jersey, is primed for growth
• The leading submarkets for new construction in both multifamily and office sectors continue to be Jersey City, Bayonne, Newark, Hackensack, and other transit-centered communities