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NJ Office Vacancies Tick Downward: Transwestern

Vacancy levels in New Jersey’s office Market improved slightly during the third quarter, thanks to large renewals and expansions within various suburban submarkets, according to Transwestern’s Q3 Office Market Report. Q3’s 14.9% vacancy level was the lowest since the 14.8% rate a year ago, which itself represented an eight-year low.

Nearly two-thirds of the region’s submarkets experienced positive absorption both on a quarterly and year-over-year basis, with Bergen and Morris counties predominant in Northern New Jersey, and Middlesex County setting the pace in Central Jersey. Additionally, several of the state’s largest deals tapped into Grow New Jersey tax incentives.

“Owners are being more creative with their assets and, as a result, we’ve seen several success stories, including Exeter Property Group’s renovation of 700 Route 202/206 in Bridgewater, and USI Insurance’s relocation to 180 Park Ave. in Florham Park [pictured], which is being modernized by Hudson Advisors,” said Transwestern’s James Postell.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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