EAST RUTHERFORD, NJ—Following a sluggish first half of the year that was defined by 235,610 square feet of negative net absorption, a rebound in leasing velocity led to more than 1.5 million square feet of positive net absorption in the Northern and Central New Jersey office markets during the third quarter, according to new research by Jones Lang LaSalle.
JLL says the overall vacancy rate declined from 24.4% at mid-year to 24% in the third quarter—its lowest level since early 2009.
“Information and technology clients have ramped up their presence in the Northern and Central New Jersey office markets,” says Jonathan Meisel, JLL managing director. “While banking, financial services sectors and pharmaceutical and life sciences industries have historically accounted for a large portion of office demand, information and technology sectors made up nearly one-third of leasing activity during the third quarter of 2016, compared with less than 10 percent of transactions one year ago.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.