The Real Deal New York

Are New Jersey’s office parks obsolete?

TRD examines the future of the Garden State's suburban corporate sprawl
By Richard Murdocco | June 24, 2016 10:31AM

Bell Works, once the country’s largest vacant office building, is slated to become a multi-use site with retail and hospitality.

Bell Works in Holmdel, N.J.

From the New Jersey Market Report: With an increasing number of companies moving toward urban cores, the future of New Jersey’s sprawling suburban office parks and large corporate plazas is in question.

The Garden State, in particular, is vulnerable to sweeping trends in the use and subsequent obsolescence of traditional low-slung and sprawling office parks. Stephen Stirling of NJ Advance Media wrote in a piece last year, “The New Jersey office park isn’t what it used to be, and the state’s job market is suffering for it.” Stirling went on to call New Jersey’s office sector a “job-sucking albatross.” And when Newmark Grubb Knight Frank writes a report titled “Suburban Office Obsolescence,” as they did in September 2015, it’s clear that something is amiss. [more]