Jersey City is the state’s second most populous city, and one of the most ethnically diverse cities in the world. Jersey City has more than 100,000 private and public sector jobs, many of which are in the securities industry. Other common industries include finance, banking, and insurance. Securing Jersey City office space can put your company alongside Forbes magazine, NEX Group, Fidelity Investments, and ADP.
Jersey City Office Space | Lease Data and Trends
Office space in Jersey City is grouped within the Hudson Waterfront submarket, along with Hoboken, Union City, and Bayonne. The area has nearly 20 million square feet of commercial real estate inventory, a vacancy rate of nearly 20 percent, and average rent prices of $40 per square foot. Jersey City is a short commute from Manhattan, with office rents far below the New York City average of $72 per square foot.
Most Hudson Waterfront and Jersey City office space is in Class A buildings, which rent for an affordable $42 per square foot. Not sure about the differences between building classes, or what type of office space is best for your company? What about gross vs triple net leases? Check out our Types of Office Space guide and Leasopedia for more details.
What Our Brokers Say
Jersey City is considered part of the New York metropolitan area and is about 21.080 square miles in size—14.79 square miles of land and 6.29 square miles of water. In fact, it has 30.7 miles of waterfront. Jersey City is north of Bayonne; south of Secaucus, North Bergen, Union City, and Hoboken; east of Kearny and Newark; and west of the Hudson River.
Jersey City transportation options are as diverse as the city’s population—choose from air, rail, water, bus, road, bike, or foot. To visit Jersey City or get anywhere in the world, take one of the many nearby airports. Jersey City is close to Newark Liberty International Airport, LaGuardia Airport in northern Queens, and John F. Kennedy International Airport (JFK), to name a few.
Almost half of Jersey City workers choose to take public transportation to work, while about 8 percent choose to walk. As for rail options, Jersey City offers the Hudson-Bergen Light Rail, the PATH train, and Hoboken Terminal-NJ Transit. Residents can take the Liberty Water Taxi to Liberty Landing Marina, Warren Street, and the World Financial Center; Statue Cruises between Ellis Island and Liberty Island; or NY Waterway ferries to Liberty Harbor, Port Liberte, and Pier 11/Wall Street. The Journal Square Transportation Center, Exchange Place, and Hoboken Terminal are popular bus stations in Jersey City, and they’re served by more than 21 lines. Other bus services include Academy Bus and A&C Bus.
Rent Jersey City Office Space | Popular Neighborhoods
Jersey City encompasses many neighborhoods with different character and office space options. To help you decide which area of the city you may be interested in checking out office space, we summarized some of its most popular neighborhoods.
Downtown Jersey City
Downtown Jersey City contains the Historic Downtown and the Waterfront, which are both full of historic attractions and landmarks. At the same time, the area is under a lot of development. In Historic Downtown, developers are rebuilding the Grove Street PATH station and adding new housing. The area is home to the Jersey City Museum and the Hudson and Manhattan RailRoad Powerhouse, which is set to become a museum. At the Waterfront, developers are putting together Trump Plaza and a new residential and commercial tower which would take Goldman Sachs Tower’s place as the state’s tallest skyscraper.
Journal Square, one of the largest neighborhoods in Jersey City, is a business district and residential area. Its name comes from the Jersey Journal, whose headquarters were there until 2013. Located at the intersection of Kennedy Boulevard and Bergen Avenue, the area is considered a transportation hub. It includes the Journal Square Transportation Center, which is one of the state’s busiest transportation centers.
Newport is a master-planned community on the Hudson Waterfront across from Tribeca, Lower Manhattan. Newport houses the Newport Office Center, an eight-building complex containing more than 5 million square feet of Class A office space. JPMorgan Chase, EVA Air, and Jet Airways all have office buildings in Newport.