EAST RUTHERFORD, NJ — Office vacancy continued to decline in the third quarter as Cushman & Wakefield reported another healthy quarter for the New Jersey office sector in its third quarter 2015 office market data.
“Tenant demand remains brisk, and our region posted its third straight quarter of positive absorption as the vacancy ticked downward to 19.0 percent – its lowest mark in three years,” says Cushman & Wakefield's Jason Price, research director, tri-state suburbs. “However, market fundamentals varied by submarket. Some set near record-breaking leasing totals while others experienced lulls in demand coupled by notable space sheds.”
New leasing activity has exceeded two million square feet per quarter to date this year, bringing the Northern and Central New Jersey office leasing total to 8.5 million square feet. This represents a 37 percent increase over last year at this time.
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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].
