Small update: There are concerns in the development community that Jersey City may be in an over development situation. However, fears have been unwarranted thus far based on the data.
The
M2 at Marbella development is fully leased up in just six months. An average of 50 units were absorbed a month. On a national level, typical developments of this size usually take about 3 years to hit stabilized occupancy. Also, they were able to command 19 percent in higher rents then the developer originally planned for in the pro-forma. This is excellent news!
Why invest real estate dollars elsewhere when the big bucks is to be made in Jersey City! The lease-up of Urby I will be another test. If it's looking just as good, construction for Urby II & III may be moved up. Current target date is 2018 or beyond.
Journal Squared I will be a big test for the Journal Square market. It must succeed!