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The commercial brokerage firm states that year-to-date leasing volume in Northern and Central New Jersey totas 6.2 million square feet—8.1% ahead of last year's totals during the same period.
Vacancy is expected to stay low, and supply and demand will remain unbalanced until at least 2022 or 2023, pushing asking rates, which increased 8.9% year-over-year to $82.23 per square foot.
Class A buildings in proximity to NJ Transit train stations remained on the radar screen for office occupiers with space requirements. More than 95.0% of the leases completed during the first half of 2019 were concentrated in Class A buildings.
Although there has been a number of consolidations undertaken by big-pharma companies, the number of small and mid-tier pharma and bio-tech firms in New Jersey continues to climb.