Snapshots

Economic incentives fuel Northern NJ office absorption during third quarter

After recording more than 825,000 square feet of negative absorption during the first half of 2018, a rebound in tenant requirements unleashed 764,550 square feet of positive absorption in the Northern New Jersey Class A office market during the third quarter.

economic-incentives-fuel-northern-nj
  • After recording more than 825,000 square feet of negative absorption during the first half of 2018, a rebound in tenant requirements unleashed 764,550 square feet of positive absorption in the Northern New Jersey Class A office market during the third quarter. This was nearly double the total amount absorbed in the Class A market during all of 2017.
  • More than three-quarters of the third quarter absorption was focused in the Parsippany and Route 80/23 submarkets, where Teva Pharmaceuticals and Ralph Lauren tapped state economic incentives to sign the two largest leases of the quarter.
  • In Parsippany, Teva inked a 345,500-square-foot renewal and expansion at 400 Interpace Parkway, while Ralph Lauren leased an entire 255,000-square-foot building at ON3, the former Roche campus being redeveloped in Clifton and Nutley.


Source: JLL Research

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