NJ office market stable in first quarter

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
Paramount CEO Albert Behler and 60 Wall Street (Getty, Paramount Group)
Paramount Group plans $250M facelift for 60 Wall
Paramount Group plans $250M facelift for 60 Wall
Commercial real estate investment was harder-hit in the New York metro and Bay Area than in Greater Los Angeles. (iStock)
LA was top spot for commercial property investment in Covid-ravaged year
LA was top spot for commercial property investment in Covid-ravaged year
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
(Getty)
Manhattan retail market awaits recovery as vacancies rise in Q1
Manhattan retail market awaits recovery as vacancies rise in Q1
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...