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JLL: Central New Jersey Leads Office Recovery in Q2

PARSIPPANY, NJ-Robust leasing activity in the central part of state has surpassed Northern New Jersey year-to-date, says Jones Lang LaSalle.

By Debra Hazel | Updated on July 11, 2011

PARSIPPANY, NJ-Central New Jersey’s office market is making a roaring comeback, as all six of its submarkets recorded positive absorption in the second quarter, the first time this has occurred in recent memory, says new research from Jones Lang LaSalle. The overall vacancy rate fell by 0.5 percentage points.

In fact, the central portion of the Garden State performed “drastically better” than the Northern market, nearly equaling the more densely packed market’s activity, James J. Medenbach, senior vice president of JLL, tells GlobeSt.com. Just three of the 11 submarkets in Northern New Jersey saw available space decline in the last quarter, with Newark/Elizabeth, Parsippany and Central Bergen particularly hard hit. But don’t necessarily expect that continue.

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