SADDLE BROOK, NJ—New Jersey office tenants fell hard andfast for top quality, class-A assets in the fourth quarter,according to CBRE Group's Q4 2015 New Jersey OfficeMarketView Report. While class A product accounts for54.9 percent of the state's total inventory, New Jersey's class Aproperties attracted more than their fair share of office demand,capturing almost two-thirds of the state's total leasingvelocity.
“Clients are looking at the aging inventory and increasinglyappreciating the class A product type,” Jeff Babikian,executive vice president, CBRE, tells GlobeSt.comexclusively. “We see a number of tenants prioritizing what'simportant to employees and clients. There are certain submarketswithin New Jersey that do attract Millennials, that do attractdensification, that do create a nice environment. Those few marketsthat are out there are doing exceedingly well.”
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