Jersey City’s Leading Parking Consultants

Office Demand

Jersey City continues attracting office tenants and investors because it offers lower costs, tax incentives, and more amenities than Manhattan. Office developers have built more than 21 million square feet of inventory, and they plan to add more in the next decade. Many landlords offer parking incentives in lease deals, making it harder for owners to balance full occupancy with strong revenue.

Programs like Grow NJ provide tax credits for qualified tenants who meet investment and job creation benchmarks, further boosting the market’s appeal.

Public Transit and Commuter Patterns

Jersey City’s strong transit network,including New York Waterway ferries, PATH, Hudson Bergen Light Rail, and NJ Transit trains, gives residents and workers options to reach Manhattan and surrounding areas. The PATH train system serves as the primary system connecting Jersey City to Manhattan, with major stations at Journal Square and Exchange Place creating concentrated parking needs around these transit nodes. Park-and-ride facilities are designed for daily commuter use with restrictions on overnight parking. Additionally, the city’s resident parking permit requirements in high-density areas underscore the ongoing parking scarcity that makes well-located garage assets particularly valuable. This transit-oriented development pattern, combined with Jersey City’s continued residential growth, positions parking as a critical infrastructure asset. As parking garage consultants in Jersey City, we help clients position their assets effectively in this multi-modal environment.

Residential Growth and Parking Demand

Jersey City’s population has grown by over 51,000 since 2010 and is projected to add another 10,000 residents in the next five years. Nearly 7,500 residential units are under construction, with another 20,000 planned. This growth has spurred more retail, restaurants, and 24/7 demand for parking. Jersey City residents, commercial tenants, and non-resident each face different applicable tax rates on parking, which is—a factor we incorporate into our strategies for parking lot investment in Jersey City.

Residential Development & Parking

• Jersey City has added over 22,000 new residents since 2010, establishing the submarket as the fastest growing metropolis in the state of New Jersey and the second largest city after Newark. Additionally, Jersey City’s residential base will continue to expand, as it is projected to increase by more than 10,000 residents over the next five years. In order to accommodate this unprecedented growth, Jersey City is undergoing the biggest residential construction boom in its history. At this time, there are approximately 41,000 existing residential units across 315 buildings in Jersey City. Between 2015 and 2017, 17 new residential developments totaling 6,413 units were delivered. Jersey City is becoming a vibrant live/work/play environment which will drive demand for office product and benefit employees who want to walk to work.
• Jersey City currently has nearly 7,500 residential units under construction and an additional 20,000 approved and planned.
• The impact of the sudden growth throughout the city is:
  • As a result of the area being more populated, investors and landlords are implementing more retail and restaurants to better serve the residents
  • Jersey City’s population increase can also be attributed to the attractiveness for office tenants. Jersey City maintains lower cost of living, rent, gas, etc. compared to Manhattan.
  • Due to the city becoming more vibrant, there is more 24/7 parking demand.
• Single home residents do not pay tax on their monthly parking. However, there is tax on reserved spaces. This is important to know because there are tenants that buy monthly parking to then commute to New York City for the workday via the ferry.