Jersey City is a fast-growing commercial hub with convenient proximity and connection to New York City that enhances its appeal to startups and established firms alike. It offers access to top talent, investors, and global markets, while maintaining a more affordable and scalable business environment. Light rail within the city and the PATH train to Manhattan and other Jersey metro areas make it very convenient for residents.
The New York metro area, which includes Jersey City, ranked third among 50 North American markets in CBRE’s Scoring Tech Talent 2025 report. More than half of Jersey City’s population has a bachelor’s degree or higher, which helped support the metro area’s high rank.
As a very walkable city and just a seven-minute ferry ride away from Manhattan, Jersey City offers unbeatable access and amenities for both commuters and remote workers. There are over 1,300 acres of parkland throughout the city, along with numerous high-quality dining options. These amenities and the city’s notable price discount to nearby Manhattan help explain why it has seen a 7.5 percent population increase between 2020 and 2024.
Despite a 20 percent increase in Jersey City’s apartment inventory over the past five years, its multifamily vacancy rate is just 2.8 percent as of Q2 2025. Apartment rental rates on a same-store basis have increased 2.4 percent over the past 12 months, double the national average growth rate.
Jersey City provides effective real estate solutions for those seeking proximity to New York City at a fraction of the cost. From innovative lab spaces and skyscraping office towers to spacious warehouses and dynamic retail environments, the market has plenty to offer. While its office market is certainly diversifying, financial firms likely will continue to dominate leasing activity for some time. From 2022 to 2025, firms in the finance, insurance, and real estate (FIRE) sector accounted for 63 percent of all leasing activity in Jersey City.
Average asking rent for office space along the Hudson River waterfront—which includes Jersey City, Hoboken, and Weehawken—currently sits at $44.51 per square foot, which is 32 percent above the broader Northern New Jersey average but still 42 percent below the Manhattan average. The waterfront’s overall office vacancy rate remains elevated at 24.6 percent but is down from a high of 25.8 percent at the end of 2024.
—CBRE
