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The Three Rs of Office Leasing

The major office leasing trend in New Jersey is a flight to quality space, says a recent report.

By Debra Hazel | Updated on January 26, 2012

Back in the Paleozoic Era of education (aka the 20th Century), the Three Rs used to be “reading, writing and ‘rithmetic.” In real estate these days, the three Rs are Retention, Relocations and Restructurings, according to Grubb & Ellis’ 4th Quarter Northern and Central New Jersey Office Report.

Companies fleeing to quality space led to nearly 1.3 million square feet of space being absorbed in Northern and Central New Jersey last year, compared with 546,000 square feet absorbed in 2011. However, the last quarter of the year saw negative net absorption of 1.5 million square feet, the largest since 2009. The availability rate at year-end was 23.6%, compared with 23.2% at the end of 2010, even though the year posted a net positive absorption of nearly 285,000 square feet, compared with a loss of 641,000 square feet the prior year. Grubb & Ellis forecasts a 23.5% rate for 2012.

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