SADDLE BROOK, NJ–The New Jersey office market continued to outperform expectations during the opening months of 2017, according to CBRE's Q1 2017 Office MarketView Report. The state recorded 2.28 million square feet of office leasing velocity this quarter and, in fact, New Jersey registered 13.2 million square feet of new leasing over the last year and a half—the largest eighteen-month sum since 2007.
Over the last 18 months, four office buildings in New Jersey have recorded significantly high levels of leasing—5 Giralda Farms in Madison, 700 Sylvan Avenue in Englewood Cliffs and 211 Mount Airy Road in Basking Ridge all achieved leasing in excess of 300,000 square feet. Bell Works, at 101 Crawfords Corner Road in Holmdel, trumped the competition, recording 651,549 square feet of new leases.
“As millennials become the majority of the workforce, occupier behavior is shifting,” says Joseph Sarno, executive vice president, CBRE. “Young adults place less importance on having the corner office and more on going to work in an exciting atmosphere. For example, Somerset Development has leveraged the historical innovations associated with the former Bell Labs facility to generate an environment of creativity, and has seen enormous leasing success as a result.”
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