Which Sectors are Driving New Jersey’s Office Demand?

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COW_New Jersey_Aug_22_2016

  • Nearly two-thirds of leasing activity witnessed in the Northern and Central New Jersey office market since the beginning of 2016 was focused in three key business sectors: banking/financial services, pharma/life sciences and information/technology.
  • While banking/financial services and pharma/life sciences have historically accounted for a large portion of office tenant demand, the information/technology segment is a relatively new entrant to the market. Two years ago, this sector accounted for only 15.0 percent of requirements.
  • Proximity to Manhattan, a skilled workforce and a mass transportation system that includes access to Newark Liberty International Airport are helping local tech companies reach the global marketplace.

 

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