PARSIPPANY, NJ—With an improving economy both locally and nationally, the New Jersey office market has been strengthening, helped by state tax incentives and strong demand for available space, according to new research from Colliers International.
Meanwhile, Colliers says the Northern and Central New Jersey industrial markets continued positive movement in the third quarter of 2014 even as new space continues to come online and second generation space is returned to the market.
“Leasing and sales activity in Northern and Central New Jersey both showed strong and improving signs in the third quarter, with the Grow New Jersey State incentives program continuing to have a positive overall impact on the market,” says Robert R. Martie, executive vice president, NJ region, for Colliers International. “However, new space continues to become available, offsetting any considerable reduction in availability. Yet the economy is still improving and business confidence is on the rise. If several large transactions in the pipeline close this year, then we are cautiously optimistic heading into 2015.”
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