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Office deal size diminishes in wake of downshifting leasing velocity

• The average size of a lease signed in the Northern and Central New Jersey office market during the first quarter trended lower during the past few years.

• Since 2014, average transaction size had ranged above 30,000 square feet. However, this number dropped to less than 24,600 square feet during the first quarter of 2018.

• The latest decline was attributed to diminished leasing velocity, which was fueled by smaller-sized leases. Slightly more than 1.3 million square feet of leases were completed during the first three months of 2018, which represented a 40.0 percent decline in activity from the same timeframe one year ago.

• Furthermore, there were no transactions completed in the state’s office market larger than 100,000 square feet in size during the first quarter of 2018.


Source: JLL Research




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