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Office Activity Ramps Up as Confidence Rebounds

PARSIPPANY, NJ-'But until employment improves, the market will struggle on its way toward recovery,' says FirstService Williams' Dolly.

By Alyson Grala | Updated on April 09, 2010

PARSIPPANY, NJ-Many New Jersey companies feel more confident in their respective businesses, having right-sized their operations with the market either at near the bottom, finds a FirstService Williams New Jersey in its first quarter 2010 office report. The firm also reveals that landlords are reporting more space tours and, in response to increased tenant interest, are pursing renewals earlier while continuing to offer incentives.

The overall first quarter 2010 availability rates and asking rents in Northern and Central New Jersey were both essentially flat compared with those from a year ago. Availability did increase from 23.87% last quarter to 23.96% in Q1 ’10, although that was due in large part to Somerset County, where several large subleases expired and space was returned to the market. Excluding Somerset County, however, the overall availability rate drops to 22.5%, down from 23% in fourth quarter 2009. Meanwhile, overall asking rents decreased from $24.46 a year ago to $23.34.

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