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CBRE: Office Market Sees Highest Absorption in Five Years

SADDLE BROOK, NJ-CBRE’s EVP Jeff Babikian tells GlobeSt.com’s Debra Hazel that companies are signing deals and moving, but at the same time, taking less overall space.

By Debra Hazel | Updated on November 17, 2011

SADDLE BROOK, NJ-A burst of office leasing in Central New Jersey has led to positive absorption for the state overall for the first time this year, according to CBRE’s Third Quarter 2011 New Jersey Office MarketView Report. But don’t expect that trend to continue.

Central and Northern New Jersey combined for the highest volume of quarterly net absorption in five years, with the central portion of the state absolutely dominant, reporting 850,626 square feet of positive absorption. The northern sector of the state posted just 11,476 of positive absorption. However, this is unusual, as the Northern market typically outpaces the central sector.

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