“If job growth can be sustained, the New Jersey office market will likely see more space requirements and increased demand,” said Robert Martie, executive vice-president for New Jersey. “We expect the second quarter of 2013 to remain relatively flat, with the market experiencing more pronounced healthy activity in the second half of the year.”

C&W's Gualberto “Gil” Medina has said his company also expects activity to pick up later this year. He added this caveat, however: “Our state has and will continue to lag behind other parts of the country in job recovery. As such, the office market likely will continue on its current, sluggish pace through the coming months as we wait for a real employment uptick.”

Colliers said there was $365 million in sales transactions with a total of 15 buildings traded in Q1.

The largest deal was the $121 million trade of Princeton Pike Corporate Center in Lawrence Township to Prism Capital Partners.

In northern NJ, Colliers noted that there were several large blocks of space returned to the market, including two in Jersey City: 300,000 square feet at Goldman Sachs's 30 Hudson Street and 180,000 square feet to be sublet by UBS at 480 Washington Boulevard.

On the other hand, Colliers noted these sizeable deals that occurred in Q1: Ashland's long-term lease of 198,000 square feet in Bridgewater; Zoetis's lease of 98,105 square feet lease in Florham Park; and Veritext's lease of 44,695 square feet in Livingston.

In central Jersey, Colliers cited the liveliness of the Princeton market: Cenlar's taking of 60,000 square feet at 370 Scotch Road and Otsuka pharmaceuticals' lease of 78,000 square feet at 508 Carnegie Center.