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Office Market: Slow, but Holding its Own

JERSEY CITY, NJ-The Hudson waterfront submarket is a standout in a larger office landscape with an economy-fueled slowdown.

By Eric Peterson | Updated on April 29, 2008

JERSEY CITY, NJ-The Q1 numbers are in, and while they aren’t great, they still don’t show an office market in serious distress. That’s the overview provided by the latest data from several New Jersey market researchers. They also show that this city’s submarket is one of the standouts.

“Northern New Jersey leasing activity registered more than 1.6 million sf this quarter,” says Gil Medina, executive managing director at Cushman & Wakefield, East Rutherford. “This indicates that despite the declining economy and slower pace of activity, some companies appear to be less apprehensive than others in terms of making space commitments.”

Overall, though, vacancies are up a bit. C&W’s numbers show a North Jersey vacancy rate of 16%, up 0.3% from the end of 2007, and Central Jersey vacancies up 2.2 points to 20.3%, although much of that is attributable to Lucent’s departure from 101 Crawfords Rd. in Holmdel. Figures from GVA Williams NJ, Parsippany, meanwhile, show a combined North/Central office vacancy at the end of Q1 at 17.8%, up from 17.6% last quarter but down from more than 17.9% a year ago.

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