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Adaptive Reuse Gaining Momentum in New Jersey Office Market
By Mel Fabrikant Wednesday, February 13, 2013, 06:03 PM EST
An adaptive reuse trend in the New Jersey office market is coming at a time when flight-to-quality is tapering off, according to CBRE New Jersey’s Fourth Quarter 2012 New Jersey Office Marketview Report. The major fourth quarter lease by Lam Cloud Management for 494,000 sq. ft. at 1 Continental Drive in Cranbury, with plans to convert the building into a data hosting facility, was a recent example of this trend.
“In the coming years, office conversions will likely be a long-term trend as tenant demand continues to move away from facilities located in suburban settings toward more urban, community-friendly settings with convenient mass transit accessibility,” said Edward DaCosta, executive vice president, CBRE New Jersey. “The cost of fuel is increasing, the trend by corporations to increase workspace density is placing a strain on traditional parking ratios and a lot of younger workers are looking to be in urban areas.”
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