James Postell, partner and city leader, left, and Matthew Dolly, New Jersey research director, Transwestern (Photo composite)
FLORHAM PARK, NJ—As the slow but steady resurgence of the New Jersey office market continues, vacancy has reached its lowest level in nearly a decade. After decreasing by one-tenth of a percentage point for the third straight quarter, the vacancy rate is currently 14.7%, according to Transwestern Commercial Services' First-Quarter 2019 Office Market Report.
Vacancy was buoyed during the first quarter of the year by strong absorption: 12 of the state's 21 submarkets reported positive absorption, marking the fourth consecutive quarter in which the state recorded positive net absorption as a whole — a feat that hadn't been achieved since 2014.
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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].
