Since New Jersey is surrounded by New York City and Philadelphia, there are a large amount of commercial real estate listings available. Much of the state’s economy is based upon serving residents who live in those neighboring cities.
According to the Bureau of Economic Analysis, in 2010, the state’s gross state product was $487 billion. Much of New Jersey’s economy centers on the pharmaceutical and financial industry. Also telecommunications, food processing, printing, electronic equipment and tourism are also prevalent. The state’s rural commercial land is dedicated to some high yield crops including blueberries, cranberries and spinach.
Major corporations with office space and industrial space in New Jersey include Johnson and Johnson, Merck, Bristol-Myer Squibb and Pfizer. Telecommunications also are high profile in New Jersey, as companies like Verizon and AT&T are based in the state. Currently, 25 Fortune 500 companies have their headquarters and office space in New Jersey.
It is also interesting to note that New Jersey stands out for its retail space. The city of Paramus has among the highest retail sales per person ratios in the United States.