Bergen County New Jersey is one of the most affluent areas to live within the entire state. There are a number of different factors that have helped this location grow and continue to prosper. The demographics of this area have made if a key area for both residential and commercial growth in recent years.
Commercial Value of Bergen County
One of the most attractive aspects of Bergen County is its continued value as an attraction for commercial real estate and the way it has continued to prosper. The advantages of this area have caused companies to set up shop in this part of New Jersey in hopes to reap a number of rewards.
To begin, Bergen County has been a location that many different retailers have targeted as a place to develop their business. In 2001 Jerry Cheslow wrote an article for the New York Times that presented a lot of evidence for the area in that time. The piece began by looking at the area as a commercial property base and what was helping it stay successful at that time.
One of the main factors was that areas such as Paramus uses an extremely low tax rate to bring in some of these businesses. The low taxes allow these companies to operate while bringing in the highest amount of revenue available. This area also boasts some of the best shopping facilities within the state of New Jersey.
Bergen County is home to the Garden State Plaza, which is the largest shopping area within the entire state of New Jersey. This area has more than two million square feet of space that can be leased by businesses looking to set up shop. This area is so popular that it has been known to become one of the most successful shopping areas in the country. According to Cheslow’s piece, the Garden State Plaza was second only to New York City’s Fifth Avenue when it came to overall shopping revenue. This area generated more than $2.5 billion dollars in retail revenue – which placed it amongst the top shopping areas in the country.
Commercial property within Bergen County is also experiencing growth at this point in time. Many properties are being purchased which signifies a growth in the economy. As more business make this county their home, they also bring with them new job opportunities for the residents and those looking to move to this area. The growth is slow, but has been effective at the same time.
For example, Class A office space had a vacancy rate of about 15 percent at the start of 2014. Since the start of this year, there has been a 34 percent increase in transactions within the commercial property market. The slowly falling rent rates have helped facilitate the purchasing of more property, which has had a positive effect on the area overall.
Residential Living in Bergen County
Residential living in Bergen County also has a number of benefits. This area has a very strong housing market that is supported by a strong school system and a housing market that showing very viable growth at a time where much of the country is still struggling to recover. The successful tactics that have worked in Bergen County could be applied in other areas as well.
The Bergen Country school system is a strong resource and attraction for people who currently live here and those that are trying to move. The district consistently spends nearly $10,000 per student to ensure they have all the tools to facilitate the best education possible. This figure is more than the average amount that is used on students in other areas throughout the state. Providing students with the best resources available has improved the results of their education and helped them become more successful inside the classroom. As many students throughout the country struggle to excel, the tactics employed by Bergen County stand as an example of how to fix America’s school system.
Bergen County is ranked as one of the best areas in the country for children to attend school. The U.S. News completes annual rankings of the top schools in each state. Within New Jersey, many of the schools that are considered the “best” are the grade and high schools within Bergen County. This is very attractive to new families that are looking for the top area to raise their children.
The home owners within Bergen County are also experiencing the benefits of living in this area. The housing market is experiencing a boom that has helped many quickly sell their homes. Houses that are placed for sell have been known to close within weeks, while much of the housing market in other areas of the country struggle with houses staying on the market for extended periods of time. Also, these houses are selling at comparable buying rates rather than less than what the owners are asking.
Living in Bergen County
Bergen County New Jersey is one of the most popular places in the state to live within at this time. Residents are attracted because they hope to take advantage of the multiple benefits that this area stands to offer. Those looking to sell their properties can find well-prepared buyers because so many people are looking to move here.
Businesses are also thriving within Bergen County due to the availability of space and low taxes within the community. These advantages make it very lucrative for companies to run their operation within this city and reap the rewards of higher revenue. Those successes convince other companies to move to this locale which helps to improve the job market at the same time. This is a cycle that Bergen County has enjoyed and other municipalities would like to enact the same type of progress. Bergen County is an example of many different effective community models successfully coming together to create one of the best living and working areas in the country.