To some degree though, the deals can be a bit of a shell game. The statewide total vacancy rate for class A and B space was 25.3% percent, compared to 25.8% percent during the second quarter. Northern New Jersey reported a vacancy or 23% percent, while the rate in Central New Jersey was 28.8%.

When Novo Nordisk relocates, its existing site will be vacant. And many companies are reducing their space needs. “People are going from 50,000 square feet to 35,000 square feet Jones Lang LaSalle managing director Dan Loughlin tells GlobeSt.com. “They’re moving into more efficiently designed buildings and changing their workplace environment. You’re accommodating your workforce in less space.”

The result is that the overall average asking rental rate remained flat in the last three months with only a handful of submarkets experiencing notable changes in asking rents. Meanwhile, within Class A buildings, the average asking rental rate edged higher during the summer. Statewide, average asking rents stood at $23.74 per square foot in the third quarter, compared with at $23.72 in the second quarter. Average rents in Central New Jersey were $22.56, while rents in Northern New Jersey were $24.75.

Fortunately, not all leasing is tied to one sector – New Jersey is in no risk of becoming a one-industry town like Detroit. “It’s a key component to our market, but we have a pretty diverse economy,” Loughlin says.

Any change “is based on employment growth. That won’t happen until after the presidential election,” Loughlin says. “We’re in a status quo.”

While some signs of improvement were seen in certain market segments, most of New Jersey has remained relatively flat in terms of asking rents and available space. In areas such as Princeton, Route 78, Central Bergen, and Route 24, an up-tick in leasing offset space dispositions. In turn, net absorption for New Jersey recorded its highest quarterly total — 718,927 square feet — since the third quarter of 2010. The majority of absorbed space occurred within higher quality class A buildings. This marked three consecutive quarters of positive absorption for the Garden State, the first time this has occurred since 2007.