SADDLE BROOK, NJ—New Jersey's “lifestyle” markets, so-called because they offer housing and amenities within walking distance to places of work, continued determining the hot spots for class A office space in the second quarter, CBRE says in its latest Office MarketView report.
Located throughout northern and central New Jersey, the “lifestyle” submarkets include Morristown, the Waterfront, Central Bergen, Meadowlands, Newark, Metropark and Princeton.
While New Jersey's office availability has remained above 20% since the beginning of 2009, tenants seeking office space in the core lifestyle submarkets are facing limited opportunities due to these markets' tighter performance. Class A stock in Princeton, Metropark and the Waterfront has a combined availability rate of just 13.7 percent, CBRE found.
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