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
Big–box e-commerce requirements remain strong in New Jersey as Amazon.com, Blue Apron and Wayfair leased New Jersey’s largest availabilities. As a result of this demand, absorption skyrocketed in the second quarter of 2016, and is expected to continue at its current pace through the rest of the year.
In New Jersey, supply is somewhat ahead of demand at the moment, creating a more tenant favorable market. Historically a financial services driven market, the activity is more spread out over a diversified tenant base which includes social media, healthcare and technology clients.
“The current supply allows for special concessions, like the flexibility for tenants to ramp their
After less than 2.0 million square feet of leasing transactions were completed in the Northern and Central New Jersey office market during the first quarter, leasing velocity ticked upward to just over 2.4 million square feet three months later.
However, demand remained below the more than 3.0 million square feet of leases
JLL’s 2016 Skyline Report focuses on the top-tier office market, looking at some of the most iconic and high-rent properties within CBDs and urban cores. This proprietary digital research piece provides insights on office supply, demand, rents and investment in 1,175 Skyline buildings across 52 markets in the United States and Canada.
New Jersey’s transit hub markets are characterized as areas housing a significant number of office properties in proximity to a commuter rail station. The five largest markets by rentable inventory include Hoboken/Jersey City, Newark, Princeton, Metropark and Morristown.
A lack of new construction combined with a growing appetite for Class A
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