Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
This week by the numbers
After trending higher during the past six months and approaching 25 percent in early 2017, the Northern and Central New Jersey overall vacancy rate slipped to 24.6 percent at mid-year, according to Jones Lang LaSalle. A slight uptick in tenant requirements outpaced additional supply generated by consolidations and restructurings. Leasing velocity fueled nearly 510,000 square feet in positive net absorption in Northern and Central New Jersey during the second quarter, with nearly 85 percent of this activity focused in class A buildings. This demand put a dent in the 914,960 square feet of negative net absorption witnessed in the first quarter. Central New Jersey office buildings claimed more than 90 percent, or 428,530 square feet, of the class A space absorbed this quarter.
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