PARSIPPANY,NJ-It’s that time of year again: third-quarter marketreports are starting to roll out. The state of New Jerseyoffice, fortunately, has not done anything dramatic overthis past quarter – at least according to data fromColliers International. The most significantchange is that overall availability of space is up, from 20.3% inQ2 to 21.0%, but Matt Dolly, senior managing director ofresearch and analytics with the firm, doesn’t see that thechange will cause concern.

He explains that a few larger tenants recently made the decisionto consolidate or moved into new spaces, pushing the overallavailability rate up. For instance, he citesPearson’s relocation to Hoboken – freeing upapproximately 475,000 square feet of space – as one of the reasonswhy availability increased.

“Some large blocks came on the market,” in the last quarter,Dolly explains, adding that the “tendency is consolidating orimproving space or trading up for space, but not expanding asmuch.”