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Banking/services firms expected to remain active in the office market

  • ​Nearly 4.5 million square feet of tenant space requirements were active in the Northern and Central New Jersey office market in mid-2017. This was down from the 5.9 million square feet of requirements seen one year ago.
  • Look for banking/financial services firms to drive a large portion of leasing velocity in the coming quarters, as this sector accounts for more than 20.0 percent of current office space requirements. Proximity to Manhattan, combined with an educated labor pool and competitive Class A office rental rates have historically encouraged this tenant demand.
  • The banking/financial services sector was also active on the leasing front during the first half of 2017, accounting for approximately 16.0 percent of completed office transactions.

Source: JLL Research

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