New Jersey Office Market Leasing Rebounds in Mid-2017

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  • Approximately 2.0 million square feet of leases were signed in the Northern and Central New Jersey office market during the second quarter, which represented a slight improvement from the 1.4 million square feet of leasing transactions in early 2017.
  • Despite this uptick, leasing volume remained below the 3.2 million square feet averaged quarterly in 2016.
  • Furthermore, most of the recent office demand had been fueled by smaller-sized leases, rather than the 100,000-square-foot transactions need to put a significant dent in the state’s vacancy rate.

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