CAMDEN, NJ—The Southern New Jersey office market continued to turn in positive results and declining vacancy in the second quarter of 2017 as Burlington County hit its lowest vacancy rate on record, according to Cushman & Wakefield's second-quarter Office Marketbeat report for the region. The commercial real estate services firm's Philadelphia research team projects positive absorption for the rest of the year.
The Southern New Jersey office submarket's overall vacancy rate ended the second quarter at 11 percent, down 70 basis points so far this year. Declining vacancy in both Camden and Burlington counties kept the submarket's vacancy at its lowest point since 2003.
“While the two counties that comprise the 14.2 million-square-foot Southern New Jersey office market experienced combined negative absorption of 63,122 square feet in the second quarter, absorption remains positive for the year by 55,232 square feet. Vacancy declined in both Camden, to 13.4 percent, and Burlington, to 9.1 percent,” says Cushman & Wakefield research manager Jared Jacobs. “Overall vacancy in Burlington County ended the second quarter at the lowest level ever recorded for the county.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
