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Large block office vacancies sustaining current Class A vacancy rate

  • ​​More than 25.5 million square feet was marketed for lease in the Northern and Central New Jersey Class A office market at year-end 2017, as the vacancy rate was above 25.0 percent.

  • Contiguous blocks of space less than 25,000 square feet accounted for a large portion of this supply.

  • However, there were also over 60 buildings housing blocks of Class A space in excess of 100,000 square feet in size.

  • With transactions greater than 100,000 square feet accounting for only 5.0 percent of signed deals in 2017, an uptick in larger-sized tenant requirements will be needed to put a significant dent in the Class A vacancy rate during 2018.​

Source: JLL Research​

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