EAST RUTHERFORD, NJ—With leasing at its highest annual total in a decade (10.9 million square feet), the New Jersey office market capped 2015 with continued progress, says Cushman & Wakefield. The company's fourth quarter research findings show positive momentum across all market fundamentals heading into the new year.

"Overall net absorption finished in the green for the fourth consecutive quarter, with occupancy gains reaching just under two million square feet for the year – well above the 2014 total of 300,000 square feet," says Andrew Judd, Cushman & Wakefield's New Jersey market leader. "Additionally, office vacancy fell by 1.4 percentage points since a year ago to 18.7 percent, its lowest point since 2011."

Fourth quarter office leasing activity exceeded 2.1 million square feet, bolstered by six leases in excess of 50,000 square feet. This included a 205,000-square-foot commitment by the NJ Turnpike Authority at One Hess Plaza in Woodbridge and a 170,000-square-foot lease by Lowenstein Sandler at 56 Livingston Avenue in Roseland. Other companies signing large leases were BMW, Bank of America, WeWork and NICE Systems.