"As major corporate players strive to gain market share and profitability, the landscape of New Jersey-based businesses is seeing significant changes," according to Eisen. He points to the mergers of Honeywell and Allied Signal, Warner Lambert and Pfizer, and Philip Morris and Nabisco.

"The companies that remain in charge in those cases are based out of state," he points out. "As a result, their real estate decisions could have a marked impact. At the same time, a number of companies find themselves with excess real estate holdings, and they're looking to purge their property assets through subleases and dispositions."

According to C&W statistics, for the first half of this year, the Northern New Jersey market now has close to 2.9 million sf of sublease space available. That's approximately triple the amount from the same time last year. For users, investors and owners, that creates "prime expansion and acquisition opportunities," Eisen says. "Subleases and purchases will drive activity in the coming months."