Snapshots

Office leasing velocity gains traction after slow 2018 start

Office leasing velocity gains traction after slow 2018 start
  • Diminished demand guided the Northern and Central New Jersey office market’s course during the past
    18 months.
  • However, after a miniscule 1.4 million square feet of deals were signed in early 2018, leasing volume had since gained momentum as additional transactions in excess of 100,000 square feet were closed.
  • More than 2.3 million square feet of leases were completed during the third quarter, as companies including Teva Pharmaceuticals, Ralph Lauren, E*Trade and Insmed signed the largest transactions.
  • Accelerating leasing velocity is expected to continue through year-end 2018 and into 2019, as nearly 6.0 million square feet of tenant requirements were navigating the Northern and Central New Jersey office market. This was a 33.0 percent increase from one year ago.

Source: JLL Research

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