6 — July 2025 — Commercial Brokerage Directory — M id A tlantic Real Estate Journal
www.marej.com
Commercial Brokerage Directory Economic resilience tested by inflation, tariffs, and shifting confidence in 2025 NAI James E. Hanson’s 2Q 2025 Industrial Report
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national economy during the first half of the year, also influenced trends in the New Jersey industrial market. The shifting policy on tariffs have made decision making difficult for both businesses and consumers—casting un- certainty on leasing activity for the second half of the year. Although transaction velocity was on par with last year, the time to complete deals has lengthened. Demand from lo- gistics and distribution firms and 3PL companies, however, has helped to temper a spike in vacancy. The construc- tion pipeline beyond 2025 shows a dramatic drop in the number of planned deliver- ies. Over the longer term the reduction in the amount of square footage from specula- tive construction coupled with any increase in activity could reverse the rising trend in va- cancy. Vacancy rates continue to rise in most submarkets. After reaching a historical low of 2.0% in 2022, the overall rate has slowly but consis- tently risen, reaching 5.9% at mid-year. In response to the rising vacancy rate, aver- age asking rents have stalled and have even softened a bit in some submarkets. Asking rates remain the highest for submarkets in and around Bergen County. MAREJ boasts eight shared loading docks, ample on-site parking and specializes in space for tenants that have no require- ment for exclusive loading in their space but need a great centralized site at a com- petitive price. The property’s strategic location provides convenient access to several major highways and ports, and New York City via the George Washington Bridge and Lincoln Tunnel. “Flexible buildings in a prime location like 1 Broad Avenue continue to see strong demand among a wide variety of users,” said Curry. “We are pleased to bring two new tenants to the building and help ownership achieve full occupancy in the process. The excellent management of the building will continue to keep the spaces leased and brings a strong tenant base to the location.” MAREJ
conomic Overview The U.S. economy re- mained resilient dur- ing the first half of 2025 despite many challenges including moderating job growth, stubborn inflation and wavering tariff policies. During the first six months of the year job growth was steady with the unemploy- ment rate hovering in the 4.0%-4.2% range. Constant changes in trade policy, how- ever, have done little to low- er concerns about inflation which remains persistent and above the Federal Re- serve’s target of 2.0%. Con- sumer confidence rebounded slightly in June after reach- ing a near-historical low in May, which may be a positive indicator for the second half of the year. New Jersey’s unemploy- ment rate has remained higher than the national average for more than two years, moving between 4.5%- 4.8% for much of last 24 months. According to the New Jersey Department of Labor, most gains in employ- ment during the last year have been in private educa- tion and health services, gov- ernment, financial services and manufacturing. Other bright spots included growth in high-value sectors such as HACKENSACK, NJ — NAI James E. Hanson has sold two mixed-use buildings totaling 9,284 s/f located at 268 and 270 Main Street in Hackensack, New Jersey, for a total of $1.8 million in an all-cash transaction. NAI James E. Hanson’s Jonathan Kristofich and William Pulzello represent- ed the seller, Olympic Prop- erties, Inc. , and Signature Realty NJ’s Cary Diec and Eliane Longhi represented the buyer, a private investor, in the transactions. 268 and 270 Main Street are two contiguous, fully leased buildings comprising eight rent-controlled apartment units and two ground-floor retail units. The retail space at 270 Main Street is leased to El Turco Grill, a Turkish restaurant, and 268 Main Street is leased to Camejo & Associates, an accounting and
Market Statistics
life sciences and technology. While there have been posi- tive gains in the government
sector over the last year, federal layoffs could have a potential impact in the latter
half of 2025.
Market Overview The issues affecting the
Downtown Hackensack mixed-use buildings trade for $1.8M in all- cash deal brokered by NAI James E. Hanson’s Kristofich and Pulzello
268 and 270 Main Street in Hackensack
1 Broad Ave. in Fairview
bookkeeping firm. The build - ings boast a prime location in downtown Hackensack near the Johnson Public Library, numerous new, luxury apart- ment buildings, including the latest addition Ora, and many other dining and retail outlets. “Downtown Hackensack’s ongoing revitalization makes it an attractive market for in- vestors seeking strategically located, income-producing properties in northern New Jersey,” said Kristofich. “We are proud to help our client
identify an all-cash buyer and structure a non-con- tingent contract to provide surety of closing in a chal- lenging marketplace. We congratulate the new own- ership on their acquisition.” In a separate transaction, NAI James E. Hanson has negotiated a 6,789 s/f lease and a 5,320 s/f lease at 1 Broad Ave. in Fairview, bringing the building to 100% occupancy. Andrew Somple, SIOR, and Jessica Curry, CCIM represented the landlord,
Cohen Asset Management , in both transactions. The new tenants bring a baseball and softball training facility and a custom interior design company specializing in metalworks and furniture to the building along with the current tenants. The building layout and loading makes it a perfect location for small to me- dium sized tenants in the area. 1 Broad Avenue is a 69,202 s/f industrial/flex property on 2.73 acres located just off Rte. 9 in Fairview. The building
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