The Wall Street Journal‘s Keiko Morris reports on Jersey City’s office-space market uptick spurred by increase of residential development.
Jersey City isn’t the fashion industry’s new Garment District or Midtown South, the hot spot for technology and advertising firms.
But New Jersey’s second-largest city has been making the case that it is an up-and-comer in the office-space market, attracting clothiers and publishers as well as building on its base of financial-services companies.
The growing diversification, taking place at Jersey City’s waterfront, is being attributed by real-estate experts and landlords to a combination of factors: New York City’s rising rents, generous state incentives and the booming residential development in that area.
In just the past several months, apparel company Charles Komar & Sons Inc. signed a lease to move its offices and showroom from three sites in Manhattan after receiving a 10-year, $37.2 million economic-development tax grant from New Jersey. Also receiving 10-year state incentive packages last year were Forbes Media LLC for $27.1 million and VF Sportswear Inc. and its subsidiaries for $13.1 million.