July 11, 2017
The percentage of vacant office space in Northern and Central New Jersey dropped to 24.6% at mid-year 2017, after trending higher during the past six months and approaching 25% in early 2017.
High demand fueled nearly 510,000 square feet in positive net absorption during the second quarter, helping to make up for some of the 914,960 square feet of negative net absorption in the first quarter.
“The vast majority of the positive net absorption registered this quarter was concentrated within Class A,” said Jonathan Meisel, managing director with JLL. “High-end office space in mass-transit oriented or suburban-centric markets is expected to remain on the radar screen of office occupiers during the second half of the year. Savvy landlords seeking to attract these users are upgrading buildings with amenities.”
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