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Class A office sublease space trends higher for past year

  • Consolidations and relocations released a steady supply of sublease space onto the Northern and Central New Jersey Class A office market during the past year.
  • Approximately 4.9 million square feet of Class A space was marketed for sublease in the third quarter of 2017 compared to 3.4 million square feet available one year ago.
  • More than 20.0 percent of the state’s Class A sublease space was concentrated in the Parsippany submarket. The largest block of sublease space to impact this market during the third quarter of 2017 involved 173,150 square feet available from The Medicines Company at 8 Sylvan Way in Parsippany.
  • Despite the recent uptick, sublease space accounted for less than 20.0 percent of total Class A space compared to a high-water mark of 40.0 percent of available space in 2002.​

Source: JLL Research​

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