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NJ Office Vacancies Slide to 10-Year Low
Office vacancies in New Jersey continue a gradual downward path, said Transwestern Commercial Services (TCS). The market ended the first quarter at 14.7%, its lowest level in nearly a decade, after the third consecutive quarter of a 10-basis point decline.
Strong absorption also marked Q1. Twelve of the state’s 21 submarkets reported positive absorption, marking the fourth consecutive quarter in which the state as a whole recorded positive net absorption, a streak not seen since 2014.
Despite receding slightly in Q1, asking rents continue trending upward in New Jersey. “Rents are increasing in buildings that are being upgraded, in part due to increased demand, but also because owners need to recover higher construction costs,” said Matthew Dolly, TCS New Jersey research director. “Simultaneously, with the business sector prospering, tenants are increasingly competing to attract the best talent by seeking the most desirable workplace amenities: connectivity and convenience.”
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