PARSIPPANY, NJ-The overall office market remained static fornorthern and central in the first quarter, even though the numberof deals was up from last quarter and up sharply from last year,according to Colliers International.
The overall vacancy rate increased very slightly from lastquarter to 20 to 20.4%, says Matthew Dolly, seniormanaging director of Colliers’ Parsippany branch, which producedthe new report. The average asking rent was down slightly, to$22.56 per square foot.
“On the other hand, there were more deals done than in theprevious five quarters. There were 20% more deals this quarter thanin the fourth quarter of 2011, and 50% more than at the beginningof last year,” Dolly tells GlobeSt.com. “These are smaller dealsgetting done now.”
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