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Current office demand fueled by smaller leases

  • ​Leases in excess of 100,000 square feet have been elusive in the Northern and Central New Jersey office market during the first half of 2017. Such transactions comprised just over 5.0 percent of the leases completed in the office market.
  • Instead, smaller-sized transactions penned the storyline for the office market. Leases in the 10,000-25,000-square foot range accounted for more than 60.0 percent of signed deals.
  • An uptick in the volume of larger leases will be a key ingredient needed to put a significant dent in the state’s office vacancy rate.
Source: JLL Research

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