North Jersey commercial sales pacing to hit $5 billion

North Jersey commercial sales pacing to hit $5 billion

NOVEMBER 25, 2014    LAST UPDATED: TUESDAY, NOVEMBER 25, 2014, 1:21 AM
BY LINDA MOSS
STAFF WRITER |
THE RECORD

* Bergen leads North Jersey in dollar volume of property transactions as investor interest in office market heats up

It’s shaping up to be a banner year for commercial real estate in North Jersey, with the dollar volume on deals expected to top $5 billion, the highest annual total since 2007, according to Massey Knakal Realty Services.

“It is the best year since 2007, since the last proper real estate boom we had,” said Mark Holz, the real estate firm’s research manager.

In its third-quarter update, Massey Knakal estimated that sales are poised to reach $5.2 billion from 1,327 transactions this year, in part buoyed by investor interest in the office market, which has struggled post-recession.

The real estate company also reported that through the first three quarters, there have been $3.9 billion in sales and 995 transactions in North Jersey, both up 40 percent from the same year-ago period. Massey Knakal, which has offices in Rutherford, defines the region as Bergen, Passaic, Hudson, Essex, Middlesex and Union counties.

https://www.northjersey.com/news/business/commercial-deals-thrive-1.1140848