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
- 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