From the New Jersey Market Report: As residents continue to pour into the coastal cities of Jersey City and Hoboken, corporations seem to be headed in the opposite direction: inland.
Though it flies in the face of the urbanization of the region, with major developers like Mack-Cali investing in waterfront offices and residences, some major business tenants are putting down stakes smack dab in the middle of the suburbs and other locations relatively far from the Gold Coast.
Of the 10 largest office deals in the last year, according to an analysis by The Real Deal, six took place somewhere other than Hoboken or Jersey City, two reliably popular corporate addresses. Based on reporting and market reports of deals, TRD’s ranking of the biggest leases tracked transactions that took place between May 1, 2016 and April 30, 2017 in Bergen, Essex, Hudson, Morris and Passaic counties and considered new leases as well as renewals and expansions, ranking them by square footage.