Law firms, life sciences companies highlight Q1 office leasing market

New York /
Apr.April 16, 2019 05:28 PM

CBRE tracked 1.5 million square feet in total leasing activity in northern New Jersey for during the first quarter of this year, with law firms and life sciences among the most active renters, according to GlobeSt. The region saw the strongest first quarter activity since 2014 with a 38 percent spike in quarter-over-quarter leasing activity, as noted by CBRE. The commercial real estate services firm said that the availability rate ended the quarter at 20.1 percent, 30 basis points below the fourth quarter of 2018. CBRE found that the Hudson waterfront submarket recorded the highest average asking rate at $43.89 per-square-foot, followed by the Chatham, Millburn and Short Hills submarkets, which recorded averages asking rents at $35.38 per-square-foot. Real Estate NJ recently reported on leading Garden State law firm DeCotiis, FitzPatrick, Cole & Giblin moving into 42,000 square feet of space at a new headquarters in Paramus, a deal brokered by JLL. Meanwhile, Colliers International and Transwestern Commercial Services arranged a lease last week for Celgene therapeutics spinoff Celularity to occupy 147,215 square feet in Florham Park, as noted by ROI-NJNJBIZ reported that Celularity’s new headquarters, which is part of a two-building campus totaling 368,780 square feet, was the largest new office lease in New Jersey during the first quarter. CBRE, however, said it was the second-largest deal in the region behind said it was the second largest deal in the region behind SubCom, which renewed its Monmouth County lease for 186,790 square feet at 250 Industrial Way West in Eatontown. [GlobeSt]


Related Articles

arrow_forward_ios
Marcus Partners CEO Paul Marcus and 18-20 Harmich Road in South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)
Private equity firm buys South Plainfield warehouses for $37M
Private equity firm buys South Plainfield warehouses for $37M
31-35 Styertowne Road in Clifton and Longpoint’s Managing Partner Dwight Angelini (Google Maps, Longpoint)
Longpoint buys Passaic County warehouses for $18.5M
Longpoint buys Passaic County warehouses for $18.5M
Thor Equities' Joseph Sitt (Joseph Sitt, Getty)
Thor completes hat trick of NJ industrial acquisitions
Thor completes hat trick of NJ industrial acquisitions
Rising sea levels
Climate change’s higher tides could threaten $34B of coastal real estate
Climate change’s higher tides could threaten $34B of coastal real estate
A photo illustration of Triple Five Group's Paul Ghermezian (Getty Images, Triple Five Group)
American Dream owner Triple Five Group hit with sexual harassment suit
American Dream owner Triple Five Group hit with sexual harassment suit
Equity Residential CEO Mark Parrell and 70 Greene Street in Jersey City (Equity Residential, LVC Interiors, Getty Images)
Equity Residential’s Jersey City tenants allege floods, faulty elevators
Equity Residential’s Jersey City tenants allege floods, faulty elevators
STRO's Steven Millstein with 1150 McBride Avenue (RSTO, Getty, Loopnet)
Tri-state deal roundup: A run of New Jersey office refis
Tri-state deal roundup: A run of New Jersey office refis
Ares CEO Michael Arougheti (Getty)
Ares pays $139M for NJ industrial complex
Ares pays $139M for NJ industrial complex
arrow_forward_ios

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

Loading...