Transwestern

'Positive' Absorption of NJ Office Space Continues for Fifth Year

The market failed to accumulate one million square feet of annual net absorption for the first time in five years, and it was the second consecutive year with negative net absorption in the final quarter.

By Steve Lubetkin | Updated on January 05, 2018

Matthew McDonough, left, managing director of Transwestern’s NJ office, and Matthew Dolly, New Jersey research director

PARSIPPANY, NJ—Despite a slight setback in the fourth quarter of 2017, New Jersey’s office market recorded positive net absorption for the fifth consecutive year, according to Transwestern’s Fourth-Quarter 2017 Office Market Report.

Year over year, the market absorbed half a million square feet more than the prior period, with a diverse cross-section of industries leasing space in submarkets throughout the state.

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