• Jersey City Commercial Real Estate: The Up-and-Coming Office Market

     The Jersey City commercial real estate market is thriving and it’s not going unnoticed. New Jersey’s generous tax credits and economic incentive programs were brought into the spotlight in 2013 when the state announced its goals to bring in jobs and spur commercial and residential real estate development to help individuals and businesses in Jersey City. 

    On Sunday, February 22nd, Keiko Morris reported for Wall Street Journal, “As for leasing more space to the financial sector, Jersey City landed J.P. Morgan Chase & Co. and RBC Capital Markets last year as well with the help of $303.6 million in state tax credits over a decade. J.P. Morgan, which already had operations in the city, has promised to create 1,000 jobs and RBC already has begun to move some of about 900 positions.”

    Also, Forbes Media LLC moved to the Newport neighborhood in Jersey City last year and received a 10-year state incentive package for $27.1 million.  In just the past several months, apparel company Charles Komar & Sons Inc. also signed a lease in Jersey City after receiving a 10-year economic-development tax grant for $37.2 million. 

    Harrison LeFrak, vice chairman and principal of LeFrak, which developed and owns much of the Jersey City waterfront said, “In 2000, when you had the first big wave of office occupancy coming to Jersey City, a lot of that occupancy was financial services, broadly speaking. Today, it is becoming very financial technology-focused and we are starting to see retail and apparel companies.”

    Jersey City’s rapid commercial real estate market growth comes as no surprise to us – welcome to this side of the Hudson River!