PARSIPPANY, NJ—Office space in New Jersey is being absorbed at a level not seen since before the recession, buoyed by significant activity in waterfront markets near New York City – most specifically on the Hudson Waterfront and near the George Washington Bridge – according to Transwestern's First-Quarter 2017 Office Market Report.
Two-thirds of the submarkets covered in the report experienced positive year-over-year net absorption, contributing to a total of nearly three million square feet of absorption between the start of second quarter 2016 and the end of first quarter 2017 – the highest year-over-year total since the end of 2007.
Average rents in the market continued to climb during the first three months of the year, averaging $26.38 per square foot – the highest level since third quarter 2008 and nearly 10 percent higher than the post-recession-low seen in 2011. Two-thirds of submarkets experienced both quarterly and year-over-year rent increases, with Somerset/Interstate 78 East, Parsippany Region and Bergen Central growing fastest.
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.
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].
