PISCATAWAY, NJ—The New Jersey office marketexperienced historically low net absorption during the firstquarter of 2018, according to Transwestern'sFirst-Quarter 2018 Office Market Report. Abnormally high losses intwo submarkets— the Hudson Waterfront and Somerset/I-78 Eastsubmarkets—accounted for decreasing occupancy levels.
The balance of the market witnessed nearly a quarter-millionsquare feet of positive absorption. TheHudson Waterfront and Somerset/I-78East submarkets weighed heavily on the market, and,as a result, the office sector overall registered its slowest firstquarter in more than two decades. Despite this, New Jersey's officemarket has been known to rebound strongly after slow starts.
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