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Diminished leasing activity continues to tame office market growth through mid-2018

• Diminished leasing volume had penned the storyline of the Northern and Central New Jersey office market during the past 18 months.

• Approximately 1.6 million square feet of leases were completed during the second quarter of 2018, which represented a slight uptick from the 1.4 million square feet of deals witnessed in the first quarter. However, second quarter activity remained nearly 50.0 percent lower from the same timeframe one year ago.

• While most of the quarterly demand had been generated by smaller-sized office leases, a handful of transactions in excess of 100,000 square feet were recorded during the second quarter. Among the largest new deals was Integra LifeSciences’ leasing of a 167,000-square-foot building at 1100 Campus Road in Plainsboro, while Mars Wrigley Confectionery US absorbed 148,460 square feet at Ironside Newark for its new U.S. headquarters.

Source: JLL Research

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