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NJ Office Flight to Quality Slows in Q3

SADDLE BROOK, NJ-According to CBRE, leasing velocity dips under 500K - the lowest since 2009.

By Antoinette Martin | Updated on December 11, 2012

SADDLE BROOK, NJ – Office leasing lost what sparse momentum it had gained thus far in 2012 during the third quarter, CBRE New Jersey is reporting – and the flight-to-quality trend swooned as well. The office vacancy rate rose slightly to 21.3%.

Flight-to-quality has been an underlying market trend throughout the post-recession period: Last year, Class A leasing accounted for 70.2% of all activity, according to CBRE. In Q3, however, only 57% of leases were for Class A space.

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