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Route 78 submarket leads state with available sublease space

More than 4.2 million square feet was marketed for sublease in the Northern and Central New Jersey Class A office market during the first quarter of 2017.

Nearly 17.0 percent of this sublease space was concentrated in the Route 78 submarket.

Among the largest blocks overshadowing the Route 78 submarket was 310,000 square feet marketed for sublease by Valeant Pharmaceuticals at Somerset Corporate Center III in Bridgewater, and 205,400 square feet available from Sanofi at 55 Corporate Drive, also in Bridgewater.

The Route 78 Class A vacancy rate subsequently neared 29.0 percent in early 2017 compared to less than 22.0 percent one year ago.

Source: JLL Research

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