Office Space Leasing Slowly in New Jersey

Companies leased just 7.1 million square feet of office space in 2017 in Northern and Central New Jersey. That’s down a shocking 45% from the 12.9 million square feet leased in 2016, according to new research from JLL.

“Much of the demand for office space in 2017 was fueled by smaller leases, rather than the 100,000-square-foot and larger transactions needed to put a significant dent in the office vacancy rate,” said Stephen Jenco, director of suburban tri-state office research for JLL.

The percentage of vacant space inched downwards to 24.1% at the end of 2017, from 24.5% in the third quarter.

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