Colliers terrific research team has finished their comprehensive report on Northern New Jersey’s Office Market. Here are the highlights:
Bright spots remain despite setbacks. Leasing was robust, led by the life sciences industry, which accounted for 28% of total leasing volume. This activity was dampened, however as several large blocks of available space were added to the available inventory.
New Jersey’s employment market has stabilized as the unemployment rate remained steady at 4.0%. The long-term trend shows slow but steady job growth across the state.
Asking rates continue to hold their ground, averaging $26.32 per square foot across the state, down just $0.06 per square foot from the previous quarter.
Northern New Jersey has seen more activity over the past quarter, led by gains on the Hudson Waterfront and Morristown markets. Central New Jersey has slowed as two new large blocks of available space further muted a quiet quarter of leasing.
Download the entire report here: 1Q2019OfficeMarketReport