MORRISTOWN, NJ–In its 2nd quarter look at thestatewide office market, Avison Young sees theimpact of state economic incentive programs at long last ripplingout to stimulate the suburban markets.
AY reports the office vacancy rate increased slightly from thefirst quarter, to 21.3%, as corporate consolidations andvacated space narrowly outpaced leasing activity. Despite that, AYnotes strong continuing demand for high-quality office spaceremained strong, nudging the average asking rent to $23.59 persquare foot a $1.01 increase year-over-year.
The beefed-up incentives of the landmark New JerseyEconomic Opportunity Act of 2013 have spurredcompanies to target large blocks of space that exist primarily inthe suburbs, says AY in its new analysis.
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