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Office Highlights

United States | Northern New Jersey

Report | Northern New Jersey Office Highlights - Q1 2011

Summary

The first quarter of 2011 was a tale of two markets within the Garden State. While leasing activity slowed in most of New Jersey in the last three months, there have been some positive indicators in the office market, predominantly in the northern part of the state.
• Within Northern New Jersey, positive absorption was mainly due to a strong first quarter in terms of new leasing in the Hudson Waterfront submarket. 
• Meanwhile, Central New Jersey’s vacancy rate edged higher as a handful of significant blocks of space were added to the marketplace.
• While activity was slightly down compared to fourth quarter 2010, there were four deals signed in excess of 100,000 square feet in the last three months, all of which occurred in the Hudson Waterfront submarket.
• The overall average asking rental rate remained flat since the year ended as most submarkets only posted minimal changes in asking rents.
 

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