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Garden State Tenants Choose to Renew

PARSIPPANY, NJ-Even though they could gain advantageous lease terms, tenants in the Garden State would rather stay put than move, says FirstService Williams.

By Maria Wood | Updated on February 10, 2009

PARSIPPANY, NJ-Even though they could gain advantageous lease terms, tenants in the Garden State would rather stay put than move. That was one of the findings of a fourth quarter office report by FirstService Williams, formerly GVA Williams.

“There are very few industries expanding right now,” says Matt Dolly, managing director of research and marketing for FirstService Williams. “As a result, more companies are leaning toward shorter lease renewals, rather than relocations.” Yet certain sectors, such as education/day-care and medical, are active, he notes.

At the end of Q4, overall office vacancy stood at 18.4%, slightly up from the previous quarter’s 18.2% level, but well above the year-ago number of 17.6%. The northern part of the state is faring a bit better than the central portion. In Q4, Northern New Jersey’s vacancy rate was 17.1%, down from 17.2% in the previous quarter, yet up from 16.3% from the same period in ’07. Central New Jersey, meanwhile, has a vacancy rate of 20.3%, which was higher than the 19.7% rate in Q3 and 19.4% in Q4 ’07.

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