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Despite Vacancy Hike, Hopes Up for NJ Office Market

PARSIPPANY, NJ-'With the business-friendly Christie administration in place for a year now, there is renewed confidence in the private sector, suggesting that 2011 will see the advent of robust growth,' says Colliers International New Jersey's Matt Dolly.

By Debra Hazel | Updated on January 18, 2011

PARSIPPANY, NJ-Has the New Jersey office market bottomed out? Reports from a number of firms indicate that despite an uptick in vacancies in the fourth quarter of 2010, the sector is poised for a comeback.

The fourth quarter saw a rise in negative net absorption over the third quarter of 2010, reports Grubb & Ellis’ “Office Trends Report” for Northern and Central New Jersey. The main culprit: consolidations. Corporate restructurings in the fourth quarter resulted in negative net absorption of more than 688,000 square feet in Northern and Central New Jersey. Office availability in the areas was just above 23% at year-end, compared with 22.6% at the end of 2009.

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