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Office leasing activity decelerates as larger transactions remain elusive

  • ​After approaching 14.0 million square feet in 2015, Northern and Central New Jersey office leasing volume trended lower for the next two years.
  • By 2017, only 7.2 million square feet of transactions were completed in the state. Smaller-sized leases were responsible for most of this demand, with transactions larger than 100,000 square feet accounting for only 5.0 percent of deals.
  • Despite this deceleration, the Northern and Central New Jersey overall vacancy rate slipped to 24.1 percent in 2017, which was the lowest vacancy rate since third quarter of 2016.
  • The overall vacancy rate could trend lower in the coming year as vacant, outdated office buildings are demolished/converted to alternative uses and removed from the inventory base.​​

Sourcec: JLL Research

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