9
New Brunswick
The New Jersey Economic Development
Authority is conducting an implementation
study for Devco’s redevelopment project
called The Hub @ New Brunswick, which is
approved for more than 2.0 million square
feet of office/R&D, retail and residential
space. Devco had already demolished the
Ferren Mall and parking deck next to
the New Brunswick Train Station to
make way for the project. In 2018,
Governor Phil Murphy had
announced his support of the endeavor
as a future innovation center for the state.
Downtown New Brunswick consists of slightly over 725,350 square
feet of office space within five major office buildings, excluding
Johnson & Johnson’s corporate owned headquarters. After
slipping below 4.0 percent in 2017, the New Brunswick overall
vacancy rate inched upward. By mid-2019, the vacancy rate had
reached 4.6 percent. Despite this uptick, the New Brunswick
submarket maintained the lowest overall vacancy rate among the
urban and suburban transit hub markets. Furthermore, the only
block of available space in this market consisted of 33,685 square
feet at 303 George Street – Plaza 1.
Net new supply
Redevelopment efforts on the residential and commercial fronts
are reshaping New Brunswick’s downtown area. Landmark
Properties is constructing a 21-story building at 90 New Street
called The Standard at New Brunswick, which will contain 186
units, as well as ground floor retail space. The lower floors are
expected to house Rutgers University students, while the upper
floors will accommodate working professionals. Completion is
slated by 2020. In addition, a nine-story apartment building at
78 Easton Avenue is under construction, which will contain 181
apartments and 9,000 square feet of first floor retail space. Like
90 New Street, most of the building is expected to serve
university students. One of the most significant mixed-use
projects completed in New Brunswick was the $172.0 million
New Brunswick Performing Arts Center (NBPAC) complex. The
23-story project was developed at 11 Livingston Avenue. The
NBPAC contains two theaters, 30,000 square feet of office space
and 207 apartments. The building also houses the George Street
Playhouse, the American Repertory Ballet, the Crossroads Theatre
Company and Rutgers University’s Mason Gross School of the Arts.
Net absorption
total vacancy
10.0%
25,000
20,000
8.0%
15,000
10,000
6.0%
5,000
0
4.0%
-5,000
-10,000
2015
2016
2017
2018
Mid-2019
2.0%
The Hub @ New Brunswick