Research

CBRE in its third quarter office report states that new office development is now forecast to be just below 2.5 million square feet by the end of 2020.

The average overall market rent for the region stood at $6.50-a-square-foot, a 1% increase versus last quarter, and a 6.2% increase versus the same period last year.

Sales volume and prospecting activity held steady in the third quarter. WCRE states that third quarter leasing activity was higher in Camden County, and particularly in Cherry Hill, but fell for the region overall. Gross leasing absorption was positive, but trended lower quarter-over-quarter.

According to a report released by Cushman & Wakefield, third-quarter leasing activity totaled 25.9 million square feet, nearly half of which was concentrated in the Interstate 55 and Interstate 80 corridors, as well as southeast Wisconsin.

Influential tech companies have continued growth within the Bay Area at a rapid pace during the last decade so it is no surprise that the Bay Area likely will forever be the tech hub of the world.

Neighborhoods like Williamsburg in Brooklyn and Manhattan's Bond Street in NoHo, have served as a blueprint for other 18-hour streets nationwide.

The commercial brokerage firm states that year-to-date leasing volume in Northern and Central New Jersey totas 6.2 million square feet—8.1% ahead of last year's totals during the same period.

Vacancy is expected to stay low, and supply and demand will remain unbalanced until at least 2022 or 2023, pushing asking rates, which increased 8.9% year-over-year to $82.23 per square foot.