Talk about New Jersey real estate prices and it’s inevitable that New York should be mentioned to put things in perspective. And indeed, a lot of the New Jersey market is a reflection of the one in New York; New Jersey’s advantage is a comparative one, intimately tied to New York’s high costs.

Thus, for those who can afford the commute, New Jersey may prove a viable option for housing or hosting (of business facilities). New Jersey does have the highest property taxes in the country, so it may not be the best place to purchase your home, but businesses should find a warm official reception in the form of tax breaks and other such policies.

New Jersey’s fundamentals mirror New York because of geographic proximities and a shared commuter base. New Jersey hosts a wide range of businesses, which happy fact should set the Garden State for a rebound over the years to come.

Many realtors believe that the business environment provided by New Jersey remains friendly and proactive, and commercial real estate in the Garden State reflects this fact with its low vacancies and relatively robust rental rates. Office parks and industrial zones dot the landscape, and New Jersey’s proximity to regional metropolises like New York City and Philadelphia makes commercial real estate a strong contributor to local coffers. Land is plentiful and fairly cheap in many parts of the state, and even in this economy commercial development continues apace, with funding having been secured long ago.

Though not as strong as it once was, commercial real estate in New Jersey remains an important actor on the economic stage. Industry insiders and veterans alike feel that New Jersey has great fundamentals and is poised for a rebound over the next decade.

New Jersey shopping centers form a large part of its commercial real estate market. In a landscape dominated by office parks and industrial zones, strip malls and other such shopping centers make up the third most important actor on the commercial property stage. With its small cities and towns, most of New Jersey is suburban and serviced by regional shopping centers. Few have failed, even in this economy, because there simply isn’t any other way whereby far-flung residents may purchase daily necessities.

Indeed, new developments proceed, albeit cautiously in a tight credit market, on the expectation that New Jersey’s growing population can only need more shopping centers, not less, in the years soon to come.

Though long the butt of late-night comedy, New Jersey land commands just about the highest property taxes in the whole United States. Investment opportunities abound, though largely relegated to the northeastern part of the state closest to the New York shoreline. But in the aftermath of the September 11 attacks, many businesses in lower Manhattan have decided that diversifying their operations and physically spreading them out is a wise thing to do from a security perspective, creating an economic boom in places like Hoboken and Jersey City.

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Category: Real Estate
Keywords: real estate, new jersey, property, property markets, realty, business, advice