Something About Jersey: Strong Demand on Hudson Waterfront – Effective Realty Advisors

Something About Jersey: Strong Demand on Hudson Waterfront

By Michael Staskiewicz | ENGAGE

There’s something about Jersey City.

Three times this past year, I’ve seen friends decide to make this city part of their growing future.

  • A locally well-known and respected Executive Chef & entrepreneur, who I’ve known since high school, opened his 4th restaurant in the Grove Street area.
  • A college buddy and successful CEO of a growing award-winning professional services firm just recently opened his 2nd location near Exchange Place in the e ort to attract the best talent.
  • A cool and career-oriented married couple is contemplating moving here for the change of lifestyle after living in the suburbs for over a decade.

Recently, Forbes ranked Jersey City No. 2 on their 2016 Happiest Cities to Work list, a rating based on various employment- related factors including work-life balance, career satisfaction, opportunities for advancement, and company culture.

Not surprisingly, the growth Jersey City and the Hudson Waterfront is experiencing makes Hudson County at the top of the list in New Jersey for the largest percentage gain in population growth this past year, according to the U.S. Census Bureau.

So what’s driving all this growth?

Live, Work, Play is the prominent theme, and it’s clearly evidenced in the examples I’ve noted above. I’m watching my friends make personal and professional choices to be in this area. The “always on” culture has blurred the lines between work and play, and integrating these aspects of life is becoming more and more attractive to many people.

From a macro perspective, the improved economy and superb access to NYC are the growth drivers for Jersey City. In addition, as we see many millennials preferring to rent their homes in an urban setting vs. buying in the suburbs, the demand for residential properties with great amenities is very high in a city like Jersey City.

As a result of these trends, construction has really ramped up. New residential buildings are sprouting up like mini high- rise spires. Everyone wants to live close to the o ce, so there’s a healthy pipeline of residential projects to satisfy the massive live-work demand. Here’s a look at a few developments:

  • Mack-Cali, New Jersey’s largest landlord, has a 69-story multi-family building under construction (the first of an anticipated three towers). The vision is to create a vibrant community reminiscent of the recent transformation in some Brooklyn neighborhoods. They’re selling about $800 million of their portfolio to fund this project and they’ve even decided to move their headquarters here from Edison to oversee this vision. They describe it as “living above the store.”
  • 99 Hudson Street will soon be the and is aimed at reviving the one-time commercial hub of the city.
  • Even Journal Square is in on the action with “Journal Squared”, a 52-story, 538-unit tower under development near the busy Journal Square PATH Station. This project is the first of three residential towers to be built by The KRE Group and is aimed at reviving the one-time commercial hub of the city.

Strong Demand on Hudson Waterfront

All this development drives a strong demand for Commercial Real Estate on the Hudson Waterfront. After all, what’s better than being within a stone’s throw of the most talented individuals in New York without the Manhattan rates? If a commercial space becomes available, you can bet there’s activity on it. Tenants have to move quickly before deals are gone.

I recently completed an office space market tour in Jersey City, and witnessed first-hand all the exciting growth happening there and along the Hudson Waterfront. It’s impossible to be in this area and not be impacted by the presence of the Freedom Tower, which stands directly across from Jersey City in lower Manhattan. Standing there, you can’t help but to be reminded of how fortunate we are to live in a country where opportunities are plentiful and anything is possible.

With Independence Day upon us, let’s all take the time to remember the incredible gift of freedom we have, to thank those who have earned that freedom for us, and to celebrate the chance to live and work in an amazing country.

Have a happy and safe Fourth of July!

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About the Author

Michael Staskiewicz, CCIM, Managing Principal of Effective Realty Advisors and a team of strategic partners, help financial decision makers of mid-size companies perfectly align their real estate with their business needs, so that they increase profits and improve operational and financial performance.