PARSIPPANY, NJ—Measurable office sector improvement contributed to robust overall third-quarter performance for New Jersey commercial real estate, according to Colliers International NJ.
Office leasing dropped during the third quarter, to 2.2 million square feet, yet overall market fundamentals continued to improve – fueled largely by an increase in user-buyer transactions.
In fact, five office user-sales over 70,000 square feet closed, contributing to 393,000 square feet in occupancy gains and representing a significant portion of the market's total of 889,599 square feet in positive net absorption over the past three months. Among these transactions, Barclays acquired The Crossings at Jefferson Park and PDI purchased 400 Chestnut Ridge Road in Woodcliff Lake.
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