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NJ Office Rebounds “Nicely” from Lackluster Q1
New Jersey’s office sector market rebounded in the second quarter from a lackluster Q1, according to CBRE. Leasing velocity was up in both Central and Northern New Jersey, with five new leases of more than 125,000 square feet driving activity.
The largest lease for the quarter was Polo Ralph Lauren’s 255,017-square-foot deal at 100 Metro Blvd. in Nutley (pictured). Total leasing activity for Q2 reached 1.9 million square feet, a 66.5% increase quarter-over-quarter and 6.4% higher than the five-year average, even as net absorption went into negative territory.
“New Jersey rebounded nicely during the second quarter of the year, with large tenants either inking new leases or renewing their space commitments throughout the state,” said Rémy deVarenne Jr., SVP at CBRE. “In addition, national companies such as Mars Wrigley and Teva Pharmaceutical are coming to New Jersey from other states, bringing new jobs and economic vitality to the region.”
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