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New Jersey’s Recovery Sputters in First Quarter

RUTHERFORD, NJ-Newmark Knight Frank reports that available space rose for both office and industrial space this year in Northern and Central New Jersey.

By Debra Hazel | Updated on May 17, 2011

RUTHERFORD, NJ-If you’ve been crowing about the real estate recovery in New Jersey, maybe it’s time to slow down a bit–office and industrial space in the state saw negative absorption rise, according to Newmark Knight Frank’s first quarter reports on the sectors.

The market availability rate for office space in the state was 19% at the end of Q1 2011, up from 18.8% at year-end 2010, and 18.5% at the end of Q1 2010. The report says that the New Jersey office market experienced negative 407,962 square feet of net absorption, “reversing the positive gains that began at the end of last year.” The market posted total negative net absorption total for all of 2010 at 448,400 square feet and finished the year on a positive note with 265,026 square feet of net absorption in Q4, according to the report.

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