NJ Plays to Win in Site Selection
WCRE managing principal Jason Wolf tells us Southern New Jersey will continue to be competitive in site selection in 2015. One reason is the incentives the state offers--GROW NJ is a hit, and a factor in the recent relocation announcements of Subaru, Holtec, Lockheed Martin and Cooper Health to Camden. But incentives aren’t everything. The entire region offers an attractive labor pool, lower rental rates and convenient access to the wider PA/NJ/NY region, Jason says.
“Burlington and Camden counties have been in a horse race, and on the strength of GROW NJ, Camden clearly won this round,” Jason notes. Office fundamentals in Southern New Jersey are steadily improving, he adds. In Q4, about 222k SF was absorbed in the region, out of 481k SF in new leases and renewals. The investment sales market also was quite active during Q4, with eight significant sales transactions, totaling $95M in value and more than 1.25M SF.