By Mario Marroquin,
February 21, 2017 at 10:38 AM
Sales trends on the average price per unit. - (MARCUS & MILLICHAP) Marcus & Millichap said it expects northern New Jersey to continue to see growth in the multifamily market sector, according to a report recently published by the commercial real estate firm. Northern New Jersey has become a highly-desirable alternative for Manhattan and Brooklyn residents because of its quality of life and affordability, the report said. The firm expects leasing velocity to remain high for the year, with over 7,000 new units being added in Jersey City. Properties closer to the Hudson trade with going-in cap rates in the mid-5 percent territory, while assets ripe for redevelopment close in the mid-6 to low-7 percent range, pointing to strong interest at all price points. said the report. Demand for rental housing in the northern region is expected to maintain low vacancies and lead to a 5.2 percent increase in rents this year, the report indicated. Marcus & Millichap anticipates the economy to remain strong, too. Employment will increase by 1.7 percent, adding 36,000 new jobs in the northern region. Strong market economic indicators will lead to a surge in prices, attracting more investors to the market, the report said. The price surge may be enough for development to occur in Morris and Essex counties, it said. Also Popular on NJBIZ Mario Marroquin Follow @mars3vega Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is [email protected]. http://www.njbiz.com/article/20170221/NJBIZ01/170229960&source=RSS
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