EAST RUTHERFORD, NJ—New Jersey's office markets remained flat during the third quarter, marking a continued post-recession struggle for the state's 187 million-square-foot corporate space inventory, according to Cushman & Wakefield's third quarter research findings.
Bright spots included an active period for financial services firms, strengthened leasing activity in the Northern New Jersey region and rising class A asking rental rates in the Central counties tracked by the commercial real estate services firm.
In fact, financial services commitments accounted for 24% of the state's 2.1 million square feet in office leasing volume during the past three months, Cushman & Wakefield says. While the pharmaceutical, healthcare and technology sectors remained relatively quiet, combined they still accounted for just under 20.0% of the total.
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