Overall office vacancy rate falls to lowest level in nearly a decade
- An uptick in leasing activity produced more than 661,430 square feet of positive net absorption in the Northern and Central New Jersey office market during the third quarter of 2018. This represented the largest volume of absorption since the third quarter of 2017.
- A large portion of this absorption was fueled by leases signed by Teva Pharmaceuticals and Ralph Lauren, which tapped state economic incentives to increase their presence in the state. These two companies were responsible for the largest deals completed in the office market during the third quarter of 2018.
- The Northern and Central New Jersey overall office vacancy rate subsequently declined to 23.6 percent, which was the lowest level in nearly a decade.
Source: JLL Research