PARSIPPANY, NJ—Big-box leasing activity drove robust first-quarter industrial demand in northern and central New Jersey, while the financial services and pharmaceutical sectors led office activity, which registered a lower-than-average pace, according to Colliers International Group. Colliers released its first-quarter 2017 Market Snapshots, which outline key trends, transactions and expectations.
INDUSTRIAL
—There was 11.4 million square feet of leasing activity, a level 13.2 percent higher than the five-year quarterly average. Because of scarce available space, tenants opted to renew at an accelerated pace; renewals accounted for 35 percent of all activity.
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