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Overall office vacancy rate in neutral gear as leasing volume at eight-year low

  • ​Approximately 1.4 million square feet of transaction were signed in the Northern and Central New Jersey office market during the third quarter, which continued a trend of diminished volume since the beginning of 2017.
  • This figure brought year-to-date leasing velocity to 5.2 million square feet, which still represented a nearly 50.0 percent decline from the same timeframe one year ago.
  • Furthermore, most of the recent office demand had been fueled by smaller-sized leases, rather than the 100,000-square-foot transactions need to put a significant dent in the state’s vacancy rate.
  • Despite the current deceleration, leasing velocity is anticipated to recover in 2018, as more than 4.4 million square feet of tenant requirements were navigating the office market.​​

Source: JLL Research

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