Demand Drops for New Jersey Office Space
Companies only signed leases for 1.4 million square feet of office space in Northern and Central New Jersey in the third quarter. That’s a giant drop from the 4.1 million square feet of office space companies leased in the same period last year.
“Much of the demand for Northern and Central New Jersey office space has been fueled by smaller leases, rather than the 100,000-square-foot and larger transactions needed to move the needle for the office vacancy rate,” said Stephen Jenco, vice president and director of suburban Tri-State research for JLL.
The percentage of office space that was available in the third quarter rose to 24.5%, up from 24.0% the year before. Asking rents rose slightly, less than 1.0%, to $29.79 per square foot.
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