SIOR New Jersey Chapter has tapped NAI Mertz's Rebecca Ting as its president for '16 (and her colleague Roy Kardon as secretary). We asked her about the outlook for South Jersey's office and industrial markets.
1) Camden's on the Rise
Camden’s newfound appeal as an incentives wellspring will continue to lure larger office tenants, Rebecca tells us. "In some cases those firms are pulled from surrounding municipalities, but on the bright side, the office space that those tenants are vacating is typically top tier. That adds desirable inventory to the market and creates the opportunity for backfill."
2) So Is Burlington County
Burlington County’s 3M SF office market (Mount Laurel-Marlton-Moorestown) is also thriving, Rebecca says. For example, Class-A space along the Route 73 corridor at Exit 4 of the NJ Turnpike has tightened up significantly, returning to occupancy levels last seen before the recession.
3) There's A Big-Box Boom
On the industrial side, Rebecca adds, exits 6 and 7 off the NJ Turnpike are experiencing a big-box boom. "Bordentown, Florence and Burlington have been magnets for distributors and manufacturers as firms have taken notice of the area’s excellent connectivity to the Northeast’s transportation channels at a fraction of the rates found in northern and central Jersey."
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