Colliers Sees Office Market Having Moderate Start

PARSIPPANY, NJ—Leasing activity in the Northern and Central New Jersey office market was robust in the first quarter of 2015, driven by tenant renewals and relocations across submarket borders for Class-A space. However, some of the positive momentum in leasing activity was counterbalanced by the availability rate, which remained flat, with several large sale-leasebacks and corporate consolidations, according to new research from  Colliers International.

“There’s a lot of value-add plays going on now, there’s a lot of investment money flowing into assets that are well-located, and these investors are repositioning the properties, either for office space or totally redeveloping the property for different uses, it could be industrial, retail, or mixed use,” John Obeid, Colliers’ senior director, research, tells GlobeSt.com exclusively.