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Wednesday, August 29, 2007

Jersey City Office Market Tightens

Rising rents in Lower Manhattan has driven Jersey City's office market, 14 million square feet of it, to 90 percent occupancy rate reports the New York Times. The shortage of space in Brooklyn and New Jersey's easier permitting process means Jersey City is likely to see more office towers in the future. The sale earlier this summer of 2 and 30 Montgomery Streets indicated as much, with the buyers promising a "Time Warner Center Like" building to replace the two aging office towers.

In addition, plans for the long awaited Harborside 4 began moving forward at the beginning of the summer. However, that tower may still be several years away with with Mack-Cali President Mitchell Hersh saying "he had no plans to build anything that size until he was able to prelease about 350,000 square feet. “I have been reluctant to build on spec,” he said."

Meanwhile, the upper floors of the existing Goldman Sachs tower finally seem to have life in them, indicating the building is well on its way to full occupancy. One poster on the Wired New York Forums noted the crown and upper floors were lit up this week. Goldman plans a second tower, reportedly by renowned architect I.M. Pei, but will not break ground until the current tower is filled.



Blogger Kevin said...

This is great news at the begging of the year they where talking about how much vacant space JC had. An think GOD you changed that green background.

1:23 PM  
Anonymous Anonymous said...

Interesting article, but it didn't address the sublease market. IIRC, UBS (as Paine Webber) leased all of NOC VII during the internet bubble, and is looking to sublease it. So that space can get counted as "leased" for the vacancy rate, but it is out there.

12:25 AM  
Anonymous Anonymous said...

Glad to see you're posting again.

2:45 PM  

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New York's Sixth is a blog for the forgotten, de facto borough across the river featuring original content, commentary, and information relevant to living in Downtown Jersey City / Hoboken.


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