Take a 20-minute commute across the Hudson River from Manhattan and you’ll find yourself in Hoboken, New Jersey. While Hoboken’s nickname is the “Mile Square City,” the neighborhood covers approximately 1.25 square miles within Hudson County. Hoboken’s expanding business environment benefits from its proximity to Manhattan — and the area is actually considered part of the New York City metro area — but the neighborhood of Hoboken possesses the distinct character of a small-town community.
Hoboken evolved from an industrial port town, but when the docks became obsolete over the course of the 20th century, the neighborhood transformed into a residential haven. In the late ‘70s and ‘80s, Hoboken attracted artists, musicians, and a variety of New Yorkers looking for cheaper rents and a quieter vibe from the NYC Metro. Now, Hoboken is bustling with a variety of businesses that enjoy waterfront views of the Manhattan skyline that is only a quick train ride away.
Hoboken Office Space | Lease Data & Trends
How much is office space in Hoboken?
Hoboken is contained within the Hudson Waterfront submarket, which has approximately 20 million square feet of office space. About one-fifth of office space in Hoboken is vacant, so businesses considering the move to Hoboken will have multiple options for their ideal office space. Class A office space in Hoboken rents at an average price of $42 per square foot, which is much higher than the New Jersey overall average of $30 per square foot due to Hoboken’s direct access to Manhattan. However, compared to NYC’s average rent of $79 per square foot for Class A property, Hoboken office space provides significant savings.
In addition to a number of early-stage technology startups, popular companies with office space in Hoboken include Uber and Jet.com, which was acquired by WalMart in 2016.
Hoboken Office Space for Rent
Residents of Hoboken often refer to the area as being divided into ten mini neighborhoods: Northwest, Northeast, West, Midtown West, Midtown East, Madison Park, Stevens Park, South Central, Southeast, Willow Terrace, and Castle Point. Another popular nearby option is Jersey City, which also allows for commuters from NYC to arrive via the PATH train.
Castle Point is the highest point in Hoboken, as well as the location of Stevens Institute of Technology which has played a major role in shaping Hoboken’s business environment. This research university is one of the oldest technological universities in the U.S. and features three national Centers of Excellence: the National Center for Secure and Resilient Maritime Commerce, the National Systems Engineering Research Center, and the Atlantic Center for the Innovative Design and Control of Small Ships. Additionally, the University has an Office of Innovation and Entrepreneurship that was established to support scientific discoveries and facilitate technology transfer. In recent years, Stevens Institute of Technology collaborated with Scivantage to create the FinTech Incubator Program, which funds and accelerates fintech startups. Proximity to Stevens Institute can be a major draw for businesses and startups in technology, mechanical engineering, and fintech fields.
Companies in the arts will find an active arts community in Hoboken anchored by the Monroe Center for the Arts, which offers 180,000 square feet of office lofts, artist studios, and retail space.
South Central and Southeast Hoboken tend to be the hub of more prominent corporate offices and headquarters. Companies with headquarters in Hoboken include Puppet Heap, FlowerBox, Lucid Technologies and Solutions, NW Financial Group LLC, Locus Energy, Newell Brands, Epion Health, Wiley Publishing, and Genesis Research.
Getting Around Hoboken, NJ
People who live and work in and around Hoboken commonly walk to work, as Hoboken is consistently rated among the top five walkable neighborhoods in the whole county. Hoboken’s flat terrain is also ideal for biking. Both bike lanes and bike racks can be found throughout the city, and bikers have access to Hudson Bike Share operated by nextbike.
For the nearly 60% of Hoboken residents who use public transportation, there are multiple options for getting to, from, and around the neighborhood. Hoboken Terminal is a major transportation hub serving the New York Metropolitan area, and the third busiest transportation facility in all of New Jersey. Over 50,000 people per day use the terminal to access nine New Jersey Transit commuter rail lines, one Metro-North Railroad line, various New Jersey Transit and other bus lines, the three Hudson-Bergen Light Rail lines, and the PATH trains. Hoboken Terminal is approximately a 30-minute commute from Newark Penn Station.
The NY Waterway ferry service has two stops in Hoboken at the Hoboken Terminal and on 14th Street, connecting the city to Battery Park in the Financial District, Pier 11/Wall Street, and West 39th Street in Midtown Manhattan.
Hoboken is located on the Hudson waterfront between the Holland and Lincoln Tunnels. I-78, Tonnele Avenue, Route 495, and the New Jersey Turnpike are the major roadways surrounding Hoboken.
Hoboken Neighborhood and History
Church Square Park, Columbus Park, Gateway Park, and Madison Park are just a few of the many parks located within the city grid of Hoboken. The abundance of greenspace and unbeatable waterfront views of Manhattan create a beautiful working environment. The latest park development in Hoboken is the Hudson River Waterfront Walkway, which is planned to span contiguous 18 miles between the Bayonne Bridge and the George Washington Bridge. Nine segments have already been completed in Hoboken.
Hoboken may not possess the nightlife of New York City, but the small city can hold its own with a multitude of annual events and festivals. Music and art lovers will enjoy the Frank Sinatra Idol Contest, Hoboken Artists’ Studio Tour, and the Hoboken Arts and Music Festival. Film buffs look forward to the Hoboken International Film Festival and Movies Under the Stars during the summer months. Those who simply want to learn a little bit more about the city can partake in the Hoboken House Tour and the Hoboken Secret Gardens Tour. Other festivals during the year include the Hoboken Comedy Festival, Saint Patrick’s Day Parade, the Hoboken Italian Festival, Saint Ann’s Feast, and Feast of Saint Anthony.
The “Mile Square City” is packed full of eclectic places to eat and drink, some even stating there are more bars and restaurants per square mile in Hoboken than anywhere else in the country. Many of Hoboken’s restaurants and bars are centered around Washington Avenue. Our team enjoys eating out at Otto Strada, La Isla, Fiore’s Deli, Bin 14, and Luke’s Lobster.