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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