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State's Office Market is Thinking 'Small'

PARSIPPANY, NJ-Dealmaking velocity is holding up, powered mostly by smaller transactions from a variety of business sectors.

By Eric Peterson | Updated on July 21, 2008

PARSIPPANY, NJ-One trend that quickly jumps out of the various Q2 office market reports issued in recent days is that right now, New Jersey is a market of small deals. There is a decent level of leasing velocity, but it’s mostly on the small side.

“The office market is still performing steadily, and it’s due to transactions from small and mid-sized tenants,” says Matt Dolly, director of research for GVA Williams NJ, based here. “One of the biggest drivers of this trend is the biotechnology sector.

“Larger tenants are preferring to stay put due to expensive relocation costs,” Dolly says. “But many of the state’s smaller tenants have been expanding and are currently the driving forces of the market. Landlords are starting to divide larger blocks of space, allowing more options for smaller tenants.”

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