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NORTHEAST SNAPSHOTS, JULY 2006
Jersey Shore Office Market
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Jonathan Glick, Senior Vice President, Sheldon Gross Realty
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The office market along the Jersey Shore currently is seeing low vacancy rates and rental rates ranging from $23 per square foot to $25 per square foot. The eastern part of Monmouth County currently is experiencing a lower overall vacancy rate — approximately 8 percent — than it has held in recent years. For the entire Jersey Shore office market, the vacancy rate stands at 8.2 percent.
Currently, towns located along the Garden State Parkway that have easy access to major highways throughout their communities are seeing a majority of development. One of the most significant developments in the market is the Wall Business Center, a 47-acre project located in Wall, New Jersey. When complete, Wall Business Center will comprise four Class A office buildings totaling 208,360 square feet, in addition to a 60,000-square-foot flex property. Another area where development is possible in the future is in Tinton Falls, where two office buildings have been proposed on Shafto Road.
With new developers moving into areas throughout the state, the Jersey Shore is seeing more of a proliferation of alliances and partnerships. For example, Sheldon Gross Realty has owned property in Wall Township for many years and recently teamed with Gordon Construction to develop this land into various projects.
Hovanian Enterprises signed a lease for 92,876 square feet at Red Bank Corporate Plaza, which is located at 141 West Front Street in Red Bank, New Jersey. In addition, Eastern Title leased 13,000 square feet at Meridian Center, Building 1 in Eatontown, New Jersey. Otherwise, a majority of tenants taking space in the Jersey Shore office market are financial institutions and insurance companies.
Due to the presence of a diverse work force, proximity to major roadways and, most importantly, large tracts of undeveloped land, Route 34 in Wall Township is primed for development in the future.
— Jonathan Glick is senior vice president of Sheldon Gross Realty.
©2006 France Publications, Inc. Duplication
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