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