Office Rocking It in New Jersey

Newly-repositioned office properties, state tax incentives and a large pool of talented potential employees continue to lure companies to rent office space in New Jersey.

“A diverse cross-section of companies leased space during the fourth quarter, helping push positive net absorption to a higher level than 2015,” said Matt McDonough, managing director at Transwestern.

Companies have absorbed a net positive eight-million square feet of office space since the start of 2013 — that includes 1.8 million in 2016.

The market stabilized during the fourth quarter, after experiencing its strongest summer in 13 years. The market’s vacancy rate remained steady at 15.5 percent. Asking rents increased for the fifth time in six quarters to $26.16 per square foot – the highest level since third quarter 2008.

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