NJ office market stable in first quarter

TRD New York /
Apr.April 20, 2011 02:21 PM

Leasing activity in New Jersey office buildings reached its highest first-quarter level since 2007 during the first three months of 2011, according to a report from CB Richard Ellis today, though activity was down from where it was during the fourth quarter of 2010. Lease renewals accounted for 47.1 percent of those transactions.

Half of all new office leases were signed in New Jersey’s waterfront and Route 287/78 submarkets, CBRE said, but outside those areas, new space is still flooding the market more quickly than it is being absorbed. At the end of this year’s first quarter, there was 33.96 million square feet of office space on the market, up from 33.93 million square feet at the end of last year.

Asking rents also increased during this time, up by an average of 34 cents to $24.46 per square foot statewide.

“While challenges remain, our markets continue to show signs of improvement,” said Jeff Hipschman, senior managing director at CBRE. “Companies are choosing to remain in New Jersey and they have been hiring.”

Today, it was reported that Panasonic has opted to take more than $102 million in subsidies in exchange for adding 250 employees over 10 years and relocating within New Jersey. TRD


Related Articles

arrow_forward_ios
William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

Who needs New York? Garden State multifamily portfolio trades for $146M

Who needs New York? Garden State multifamily portfolio trades for $146M

The CVS at 99 Greenwich Avenue in Greenwich, Connecticut (courtesy of Midwood).

How much for that CVS building? In Greenwich, the price is $30M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

arrow_forward_ios