The northern New Jersey investment sales market has remained on pace with the fi rst half of 2014, and due to a strong third quarter showing is expected to finish the year north of $5 billion, the highest annual total since 2007. Dollar volume for 1-3Q14 has reached $3.9B and transactions total 995, both a 40% increase from the same period a year ago. Pricing has remained at 1H14 levels, averaging $176 PSF, a 10-year high and 68% higher than 2013’s average.
Northern New Jersey saw a slight uptick after the mid-point of 2014, with 3Q14 sales totaling $1.5B in dollar volume. This represents a $400M increase from 1H14’s quarterly average, which occurred due to a spike in office sector dollar volume. With this bump in activity, overall dollar volume is expected to reach $5.2B on an annualized basis, representing an 8% upward adjustment from 1H14. Annualized transaction volume remained on track with 1,327 transactions expected by year-end 2014. The following sections will highlight and update two sectors from northern New Jersey’s investment sales market.
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Neighborhoods: Union County, Essex County, Bergen County, Passaic County, Middlesex County, Hudson County