PARSIPPANY, NJ—With at least 10 leases exceeding 100,000 square feet signed during the third quarter, New Jersey's office market experienced its strongest summer in 13 years, according to Transwestern's Third-Quarter 2016 Office Market Report.
The robust leasing activity was led by global pharmaceutical company Allergan's 431,493-square-foot lease at 5 Giralda Farms in Madison, and software company iCIMS's 350,000-square-foot lease at Bell Works in Holmdel. These notable transactions contributed to a drop in vacancy from 15.9 to 15.5 percent, the lowest level since second-quarter 2010.
Allergan, which received $58 million in state incentives after considering a move to neighboring Pennsylvania, will keep more than 1,000 jobs in the state, and plans to add 300 more. Meanwhile, iCIMS became the anchor tenant at Bell Works, which has been transformed from the largest abandoned office building in the United States into what owner Somerset Development calls a “Metroburb” — an urban core in a great suburban location.
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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].
