PARSIPPANY, NJ-The overall office market remained static for northern and central in the first quarter, even though the number of deals was up from last quarter and up sharply from last year, according to Colliers International.
The overall vacancy rate increased very slightly from last quarter to 20 to 20.4%, says Matthew Dolly, senior managing director of Colliers’ Parsippany branch, which produced the new report. The average asking rent was down slightly, to $22.56 per square foot.
“On the other hand, there were more deals done than in the previous five quarters. There were 20% more deals this quarter than in the fourth quarter of 2011, and 50% more than at the beginning of last year,” Dolly tells GlobeSt.com. “These are smaller deals getting done now.”
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