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Office Vacancy Rises, Rents Decline

PARSIPPANY, NJ-Vacancies rise and rents decline as tenants search for the best deals in the Northern and Central New Jersey office market, according to FirstService Williams' Q3 report.

By Maria Wood | Updated on October 05, 2009

PARSIPPANY, NJ-Tenants continue to search for bargain-rate deals in the Northern and Central New Jersey office market, according to FirstService Williams’ Q3 report. Availability in the 10-county region has hit 23.9%, the highest recorded level since the end of 2003.

In response, many landlords have either reduced asking rents or listed lease rates as negotiable, says Matt Dolly, managing director, research and marketing for FirstService Williams’ office here. However, he points out that some landlords are not in a position to cut their leasing prices.

“For those who have invested in their buildings over the past four to five years, it doesn’t make sense to undercut their rent because they are not going to get the money they need to support the buildings,” Dolly tells GlobeSt.com.

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