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Class A office market remains in holding pattern

  • ​Since posting 932,200 square feet of negative net absorption during the fourth quarter of 2016, the Northern and Central New Jersey Class A office market had been overshadowed by diminished leasing velocity, which kept the vacancy rate in check.
  • After averaging nearly 2.4 million square feet of leasing transactions per quarter in 2016, demand had downshifted to average only 1.1 million square feet per quarter in 2017, which was the lowest level since 2009.
  • Despite the recent deceleration, high-end Class A buildings, packed with amenities, will remain on the radar screen of office users with space requirements. More than 80.0 percent of the leases completed in the state’s office market since the beginning of 2017 were concentrated in Class A buildings.

Source: JLL Research

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