11
New Brunswick
Redevelopment efforts on the residential , academic and commercial fronts are reshaping New Brunswick ’ s downtown area . In the Fall of 2016 , Rutgers University opened a new 175,000-square-foot academic building on the former site of the New Brunswick Theological Seminary , as well as a three-building complex of student apartments . The academic building represented the first new facility on the College Avenue Campus since the 1970s . In addition , Governor Phil Murphy recently announced his support of Devco ’ s redevelopment project called The Hub @ New Brunswick as a future innovation center for the state . The New Jersey Economic Development Authority will begin a planning and implementation study for the site , 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 . sf the overall vacancy rate trended lower for the next six years in response to persistent demand , and was less than 4.0 percent by year-end 2017 . The New Brunswick submarket recorded the lowest overall vacancy rate among the urban and suburban transit hub markets . The largest block of available space in this market consisted of 14,000 square feet at 120 Albany Street – Tower 2 .
25,000
20,000
15,000
Net new supply , net absorption and total vacancy
Net new supply Net absorption total vacancy 12.0 %
10.0 %
8.0 %
Downtown New Brunswick consists of more than 725,350 square feet of office space within five major office buildings , excluding Johnson & Johnson ’ s corporate owned headquarters . Since approaching 13.0 percent in 2011 ,
10,000
5,000
0 2013 2014 2015 2016 2017
6.0 %
4.0 %
2.0 %