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Sublease Space Hits Six-Year High in Northern NJ Office Market

PARSIPPANY, NJ-Sublease space has hit a six-year high in the Northern New Jersey office market, according to a Q3 report from Jones Lang LaSalle.

By Maria Wood | Updated on October 09, 2009

PARSIPPANY, NJ-Sublease space has hit a six-year high in the Northern New Jersey office market, according to a Q3 report from Jones Lang LaSalle. Average asking rents for sublet space, which now stands at more than 7.5 million square feet, fell below $22 per square foot for the first time in nearly three years.

For the first time in the market’s history, available direct and sublease space climbed to a total of more than 40 million square feet. Likewise, leasing activity is on track to finish the year with the lowest tally in the market’s history with just over 1.5 million square feet leased during the third quarter.

All signs point to a market that remains on search for the bottom. “It still has a bit of a way to go,” Daniel Loughlin, managing director at the JLL office here, tells GlobeSt.com. “There is some shadow space that hasn’t yet hit the market. Some of it is due to pending pharmaceutical consolidations and other downsizing we anticipate.”

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