Select Northern New Jersey Submarkets Drive Q3 Absorption of Class A Office Space

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  • After registering negative absorption earlier this year, a rebound in leasing velocity changed the course of the Northern New Jersey Class A market during the past six months. Demand for Class A space led to 335,970 square feet being absorbed in the second quarter, followed by an additional 501,450 square feet absorbed three months later.
  • Most of the latest absorption was concentrated in a select group of Northern New Jersey submarkets.
  • Furthermore, nearly 90.0 percent of the 501,450 square feet absorbed in the third quarter was attributed to activity in the Route 24 submarket where Allergan leased a 431,495-square-foot office building at 5 Giralda Farms in Madison for its new U.S. headquarters.

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