HACKENSACK, NJ—North Jersey office demand began reaching a peak at the end of 2015 and is likely to level off a bit in 2016, according to Savills Studley, which issued its fourth quarter Northern New Jersey office research.
"Leasing rebounded during 2015 as a flight-to-quality supported the flow of businesses to class A product in multiple submarkets," says Gregg Najarian, senior managing director. "Activity is probably approaching its peak, and a return to the slower pace of demand is anticipated in 2016."
Overall availability in the region rose to 25.2 percent, Savills Studley reported. Class A availability in the Hudson Waterfront submarket jumped 1.5 percent to 15.2 percent, but nearby East Bergen declined by 2.4 points to 22.4 percent, the report notes.
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