New Jersey Office Leasing Keeps Improving

SADDLE BROOK, NJ-Leasing velocity in 2010 within New Jersey’s office market reached its highest point since 2007 in the third quarter of 2010, totaling 1.98 million square feet for the quarter and 4.84 million square feet year-to-date, finds CB Richard Ellis’ Third Quarter 2010 New Jersey Office MarketView report. According to the report’s findings, availability rates improved for the second consecutive quarter and net absorption closed the quarter at positive 185,606 square feet.

“At the close of the third quarter, leasing activity within New Jersey’s office market stood at 4.84 million square feet, just nine percentage points away from the total velocity recorded in all of 2009, a trend that has steadily been increasing over the past nine months,” says Jeff Hipschman, senior managing director for CBRE and head of its New Jersey operations. “As tenants continue to take advantage of pricing opportunities across the state, we expect leasing to continue its upward mobility as we enter into the fourth quarter,” he tells GlobeSt.com. “And, if the pace continues, we estimate that leasing velocity will exceed last year’s totals by 40% at the close of the year.”