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Dearth of larger leases keeping office market in check

  • ​Leases in excess of 100,000 square feet were elusive in the Northern and Central New Jersey office market during 2017, as smaller transactions provided the storyline for the office market.
  • Transactions larger than 100,000 square feet accounted for less than 5.0 percent of leases compared to 15.0 of deals completed in 2016.
  • Furthermore, four of the five largest leases completed in the office market during 2017 involved renewals, rather than the new leases needed to generate positive absorption.
Source: JLL Research

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