Though many say the suburban office real estate market is suffering, a new survey finds three Central Jersey areas among the country’s 100 priciest office markets in 2023.On the list, compiled by PropertyShark based on the per square foot price data, were Interstate 287 South, ranked at 22, Bridgewater, at 58, and Cranford at 72.
Cranford also placed second in the amount of office space transactions. Sales in the township last year totaled approximately 2.2 million square feet of office space.
The I-287 South market includes East Brunswick, Edison, Highland Park, Metuchen, Middlesex, New Brunswick, North Brunswick, Piscataway and the Somerset section of Franklin.
Three other New Jersey areas also found their way onto the list. They were North Bergen County at 73, Parsippany at 91 and Trenton at 99.
State-of-the-art office properties in high-demand markets remain well-positioned to weather any oncoming uncertainties, according to PropertyShark,
Some emerging markets may continue to experience a lift in life sciences and medical office space.
Doug Ressler, manager of Business Intelligence at Yardi Matrix, said the six New Jersey markets made the list because of their “greater density location to coastal gateway metropolitan hubs,” as well as easy access to land, sea and air.
NJ’s priciest office space markets
I-287 South
National Rank: 22
Price Per Square Foot: $238
Total Sales: $90,590,000
Total Square Feet Sold: 509,977
Number of Sales: 4
Bridgewater
National Rank: 58
Price Per Square Foot: $157
Total Sales: $39,432,563
Total Square Feet Sold: 370,995
Number of Sales: 3
More:Route 22 medical building in Bridgewater sold for $10.5 million
Cranford
National Rank: 72
Price Per Square Foot: $133
Total Sales: $212,752,549
Total Square Feet Sold: 2,184,283
Number of Sales: 6
North Bergen County
National Rank: 73
Price Per Square Foot: $130
Total Sales: $37,750,750
Total Square Feet Sold: 306,389
Number of Sales: 4
More:Pfizer’s 150-acre campus in Somerset County targeted for redevelopment. Here’s the plan
Parsippany
National Rank: 91
Price Per Square Foot: $100
Total Sales: $75,845,390
Total Square Feet Sold: 813,167
Number of Sales: 4
Trenton
National Rank: 99
Price Per Square Foot: $89
Total Sales: $26,250,000
Total Square Feet Sold: 378,822
Number of Sales: 4
Source: CommercialEdge
Brad Wadlow is a staff writer for MyCentralJersey.com
Buying a home is likely one of the biggest financial decisions a person can make. Because of that, homebuyers often come into the buying process with a wish list of their most desired home features.
But, what was popular in the past might not be popular now, and homebuying trends have changed as we enter 2024. So, what popular home features might make a property a hot commodity? Here are a few:
Move-in ready homes
Before all else, more homebuyers are seeking properties that are move-in ready, rather than those that might require some updating.
“I think now people are getting a little bit more picky on what they want. They just want instant gratification,” said Max Stokes, a partner of the Fox & Stokes team at Compass Real Estate.
Stokes said buyers that are coming from luxury buildings in areas like Hoboken and Jersey City are used to having a fully finished living space. Because of this, he said more buyers are turning towards properties in less desirable locations as long as they’re move-in ready.
“When I bought my first house about 14 years ago, I just bought for the neighborhood and figured that everything else in the house I can fix over time,” he said. “I don’t hear that anymore. People would rather buy something in a location that might not be as desirable, but the home’s move-in ready.”
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Separated spaces over open-concept living
While the interest in open-concept layouts will likely never fully go away, Oakley said she’s seen more buyers interested in properties with designated spaces.
“Now I’m noticing that buyers want a little bit more separation and designation between the rooms and more closed spaces,” she said. “They still want a nice flow, of course, but just not that complete open box where you can see everything.”
Oakley said she’s seeing this trend in other areas of the home. For example, she said the trend of open shelving in kitchens is starting to go away, as more people are going back to wanting their items away and out of sight. Similarly, integrated appliances were predicted to be a popular interior design trend for 2024 specifically because they’re more hidden in our kitchen spaces, rather than being freestanding.
Multiple primary suites and first-floor bedrooms
Having a bedroom on the home’s first floor — a trend we saw driving up home prices in 2023 — and having multiple primary suites are increasingly popular features homebuyers are searching for in 2024.
Due to the relatively recent unpredictability of the real estate market across the nation, more homebuyers have been focused on finding a property that they’ll be able to spend the rest of their lives in. Having a first-floor bedroom will allow their properties to be more functional as they age. Additionally, more households have become multigenerational due to the costs of living, so younger generations are looking for spaces where they can accommodate elderly family members.
“I’m noticing with certain buyers that they’re looking for either a first-floor bedroom or the option of having a first-floor bedroom,” said Jamie Oakley, a realtor with Prominent Properties Sotheby’s International Realty in Franklin Lakes. “Thinking into the future and functionality for them, whether it’s the buyers themselves as we get older or thinking about family members who may be coming to live with them at some point.”
Homes with multiple primary suites were also predicted to be a big trend in 2024 due to more couples choosing to sleep in separate spaces.
“I’m hearing a lot of trends of people wanting two primary suites, so like couples who want to sleep separately but still want to live together, which is interesting,” said HGTV personality Noel Gatts, founder and principal designer of Beam and Bloom based in Bloomfield.
Multiple home offices
While home office spaces grew increasingly popular during the time surrounding the coronavirus pandemic, many homebuyers have been searching for properties with multiple office to accomodate more people working from home.
This is not only due to many companies continuing to work remotely, but also because more companies have implemented hybrid work schedules, meaning more people may be working at home, even if only for a few days a week.
“The work from home trend is definitely continuing, so having multiple home office spaces is definitely something that tops a lot of people’s lists,” Stokes said. “It’s becoming more than one because one person would be working from home, but now it’s the real deal where people, whether it’s even going back to the office, they still have the opportunity to work from home a couple days a week.”
A finished basement, or the option for a finished basement
Homes with a finished basement — or a basement that has the ability to be finished and used for different purposes — is something many homebuyers are seeking.
Oakley said many families are looking to incorporate more hang out and entertainment spaces in their home, such as game rooms, media rooms and playrooms, which are often common uses of basement spaces. Finished basements are also often used as an in-law suite or as a distinct living space for kids or other family members that may visit.
In older homes, Oakley said basement heights tend to be shorter, meaning there isn’t enough room for these spaces to be used for anything other than storage.
“I was actually showing a property recently that was a beautiful new construction home on an existing foundation and everything my clients were looking for,” she said. “Then, we went into the basement and they could hardly stand up in it, which for them was just a complete turn off because it wasn’t a space that they could use.”
Self-care amenities and spaces
Homes with self-care amenities or spaces the buyers can use for self-care activities has become more popular, Oakley said.
“I saw a house recently that had a cold plunge installed in it and that completed wowed the buyers,” she said. “So, spaces for a gym or a spa. Even with staging, I’m noticing that they might have yoga mats set up with little weights and things like that just to show what the space could be used for.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.