Relocation, Consolidation Equals Increased NJ Office Availability

PARSIPPANY,NJ-It’s that time of year again: third-quarter market reports are starting to roll out. The state of New Jersey office, fortunately, has not done anything dramatic over this past quarter – at least according to data from Colliers International. The most significant change is that overall availability of space is up, from 20.3% in Q2 to 21.0%, but Matt Dolly, senior managing director of research and analytics with the firm, doesn’t see that the change will cause concern.

He explains that a few larger tenants recently made the decision to consolidate or moved into new spaces, pushing the overall availability rate up. For instance, he cites Pearson’s relocation to Hoboken – freeing up approximately 475,000 square feet of space – as one of the reasons why availability increased.