By: David Simon, Executive Managing Director, New Jersey
Last year, 924 properties sold in the six counties that Massey Knakal Realty Services tracks in Northern New Jersey (Bergen, Passaic, Hudson, Essex, Union and Middlesex) which equates to a thirteen (13%) percent decline from the prior year. However, even though the number of trades that occurred in the sectors we monitor was down, the gross aggregate dollar value of these transactions increased by forty five (45%) percent.
Demand for multifamily and industrial continued to be very strong in 2013. Forty one (41%) percent of the total dollar value occurred in the industrial sector. This was driven by the fact that three industrial buildings sold for over $80 million dollars each. The majority of the industrial activity occurred in Middlesex County which has a vacancy rate of 7.4%.
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Neighborhoods: Hudson County