JLL Skyline focuses on the top-tier office market, looking at the most iconic buildings that define the skylines of our CBDs and urban cores. The site, and the corresponding marketing campaign, provides an overview of supply, demand, rents and leverage for 1,300+ Skyline buildings across 57 markets in the United States and Canada.
- 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, … Read More
- Nearly 17.0 percent of this sublease space was concentrated in the Route 78 submarket.
- More than 4.2 million square feet was marketed for sublease in the Northern and Central New Jersey Class A office market during the first quarter of 2017.
- Among the largest blocks overshadowing the Route 78 submarket was 310,000 square feet marketed for … Read More
JLL released the U.S. Industrial Outlook for Q1 2017, and the market started the year on a positive note.
Highlights for New Jersey Industrial:
- The “new normal” for industrial rental rates has left many tenants with a feeling of sticker shock.
- Vacancy rates in primary sub-markets reached new historic lows, and in some cases stand below 2.0 percent.
- Despite the recent surge in rental rates for Northern and Central New Jersey, leasing velocity for new space remained strong.
Higher rents and continued growth in Q1 2017 resulted in optimistic forecasts for the United States office market. As a new phase of the economic cycle begins, there is a shift in supply and demand.
The following are three things to keep an eye… Read More
- Since 2015, preleasing rates have continued to accelerate as developers attempt to meet swelling industrial demand near major population centers. Unable to find high quality existing facilities, many users have turned to proposed development sites, and projects under construction to meet their industrial space requirements. Over the last two years preleasing activity … Read More
There are a few New Jersey market CRE trends that we saw at the end of 2016, that we expect to see continue in 2017.
- Among the submarkets posting the largest quarterly rent increases was the Hudson Waterfront, where the asking Class A rental rate eclipsed $42.50 per … Read More
Article by Natasha Stokes
JLL Real Views
An unprecedented demand for industrial space and climbing office vacancy rates are leading landlords to convert low-grade office buildings into flexible warehousing.
- 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 … Read More