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JLL: Office Market Still Limp in Q1, But An Uptick in Tire-Kickers

PARSIPPANY, NJ-The overall office rate vacancy is pegged at 25%, and while sales are slow, site tours are increasing.

By Antoinette Martin | Updated on April 17, 2012

PARSIPPANY, NJ-The statewide vacancy rate for office space increased slightly to 25.4% in the first quarter of 2012, with just a handful of lease deals, according to new research from Jones Lang LaSalle. Still, more tenants were in the marketplace looking to the future, JLL says.

Sean Straka, a senior vice-president tells GlobeSt.com: “We saw more tenants doing site tours and looking to take advantage of the lower rents available” than in Q4 2011 or the same period a year ago. “We think that means we are heading in the right direction.”

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