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New York & Tri-State  + New Jersey  + Office  |  October 10, 2023
Emily Fu
By: Emily Fu

NJ Office Leasing Pulls Back in Q3 

CBRE’s Q3 2023 Office Figures report for Northern and Central New Jersey reveals that economic uncertainties have led to a pullback in the overall office leasing market.  

Total leasing activity in Q3 2023 was 839,000 square feet, a 44% decline from Q2. The region also experienced a negative net absorption of 288,000 square feet during the quarter. Despite the challenges, there was robust renewal activity and a flight-to-quality for new commitments, and the average asking rent increased by 5% year-over-year to $31.77 per square foot.  

Northern Jersey had the highest leasing activity in Q3, while Central Jersey experienced a decline in leasing activity. Investment sales were also impacted by high interest rates, totaling $124 million in Q3. 

Read More News Stories About: CBRE
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Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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