[C.]

As I've been saying, commercial office space follows residential development as employers want to be located in 'cool' areas that are easily accessible to their customers and workforce. The suburban office market is New Jersey is stagnate while Jersey City booms!

http://www.wsj.com/articles/jersey-c...ace-1424658795

As for leasing more space to the financial sector, Jersey City landed J.P. Morgan Chase & Co. and RBC Capital Markets last year as well with the help of $303.6 million in state tax credits over a decade. J.P. Morgan, which already had operations in the city, has promised to create 1,000 jobs and RBC already has begun to move some of about 900 positions.

In 2013, New Jersey merged its economic-incentive programs and has aggressively used tax credits to bring and retain jobs, and spur development.

Since then, the state has announced more than $430 million in tax grants, which will be awarded over time, to attract and keep companies in Jersey City. Those incentives are expected to bring more than 3,000 jobs.

...

New housing is another factor that commercial landlords are attributing to the growing variety of their tenants. They are hoping that the apartments being built on the waterfront will create more vibrant streetscapes and draw even more companies.

...

Mack-Cali Realty Corp. is both updating its office properties and investing in residential projects to insulate itself more from New Jersey’s stagnant suburban office market.

The publicly held real estate investment trust is spending $15 million to revamp its Harborside office complex in Jersey City as well as developing a trio of rental apartment towers directly behind Harborside at a cost of $320 million. The 1.9 million-square foot office complex has about 500,000 square feet vacant.

Mack-Cali plans to add a beer garden, turn the food court into something similar to Chelsea Market and transform its atrium into a “cool” spot for employees to work or socialize, said Chief Executive Mitchell Hersh.

“What we’re doing in here is we want to create an edgy environment that has a lot of appeal to younger professionals,” Mr. Hersh said.