Merrill Considers Jersey City

According to the NYPost, Merrill Lynch may expand facilities in Jersey City. This might very well be a bit of blustering to convince New York officials they deserve the same tax subsidies handed out to Goldman Sachs. On the other hand, Merrill already has offices on this side of the Hudson River, and building in Jersey City is faster and cheaper than Manhattan.

Merrill's interest in Jersey City along with last month's news that Jersey City's Office Market has tightened will likely mean new office buildings sprouting up next year. In recent years, the booming residential market meant most of Jersey City's new construction focused on residential towers; sites like 77 Hudson Street, originally planned as an office tower, is now under construction as luxury condos. Rumors have been circulating that several large residential projects may be on hold while the financial world sorts out the credit problems; hopefully renewed interest in Jersey City's office market will keep the city growing.