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Large supply of older space overshadows office market

• Slightly more than 38.7 million square feet of direct and sublet space was marketed for lease in the 160.4-million-square-foot Northern and Central New Jersey office market at year-end 2017.

• Nearly one-half of this available space was housed in buildings developed during the 1980s. This large supply of older space had maintained upward pressures on the state’s vacancy rate for the past several years.

• Meanwhile, buildings completed since 2010 comprised less than 1.0 percent of the available space, as office occupiers have gravitated towards this newer product.

• The relatively empty construction pipeline will continue to challenge tenants seeking modern work environments for their operations.​

Source: JLL Research

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