PARSIPPANY, NJ—Although the number of Fortune 500 companies headquartered in New Jersey dropped below 20, blue-chip tenants in a range of industries are at the forefront of the steady improvement of New Jersey's office market, according to Transwestern's Second-Quarter 2015 Office Market report.

“The continued improvement of the New Jersey office market is reflective of the state's diversification and balance,” says James Postell, partner and city leader at Transwestern. “While the number of Fortune 500 companies headquartered in the state has decreased from 21, several remain extremely active in the state in various locations and industries.”

With companies such as MetLife Inc., GlaxoSmithKline and New York Life Insurance Co. signing leases during the second quarter, nearly 400,000 square feet of office space was absorbed, marking the fifth quarter of positive net absorption in the past six quarters. Year-over-year, 1.7 million square feet of positive absorption was recorded – the fourth straight quarter where year-over-year absorption exceeded one million square feet.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].