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NJ Office Market begins Modest Recovery

ELMWOOD PARK, NJ-The influx of companies from New York to Northern New Jersey and rising office payrolls gives the market its first positive net absorption since 2008, says Marcus & Millichap.

By Debra Hazel | Updated on September 22, 2011

ELMWOOD PARK, NJ-It’s finally coming back, at least a bit. Spearheaded by large lease signings, Northern New Jersey’s office market will post positive net absorption this year for the first time since 2008, reports Marcus & Millichap Third Quarter Market report.

The main reason: jobs. Employment is slowly returning to the market, with office payrolls increasing by 26,400 jobs year to date, vs. a loss of 24,600 in the second half of 2010. However, the recovery is modest, and the state still has a long way to go, says Michael Fasano, regional manager.

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