January 12, 2018
Despite a slight setback in fourth quarter 2017, New Jersey’s office market recorded positive net absorption for the fifth consecutive year, according to the Fourth-Quarter 2017 Office Market Report from Transwestern.
“For the past five years, New Jersey’s office market has continued to grow at a steady pace, and with employment at an all-time high in the state’s private sector, we anticipate that trend will continue in 2018,” said Matt McDonough for Transwestern. “While it may not be among the most rapidly expanding office markets in the country, the slow nature of the growth makes it among the most sustainable.”
After improving to an eight-year low of 14.8 percent during the third quarter, New Jersey’s office vacancy rate increased slightly in the fourth quarter, returning to its second-quarter level of 15 percent. Still, 12 of the state’s 21 submarkets reported lower-than-average vacancy rates.