EAST RUTHERFORD, NJ—NewJersey office tenants showed a strong preference for Northern andCentral New Jersey, fueling nearly 1.4 million square feet inpositive absorption of class A product for 2015, Jones LangLaSalle says.
"The state's high-end buildings emerged asthe product of choice for office users during the past year, ascompanies increasingly promoted class A work environments to helpretain and recruit new employees," says JonathanMeisel, managing director with JLL."Accelerating gains in New Jersey's employment market will furtherposition the office market on the road to recovery in the comingyear. Approximately 55,000 jobs were created in the Garden State in2015, representing the largest gain since 78,400 jobs were createdin 2000."
Vacancy rates for the state's class Aoffice market declined a full percentage point in the past 12months, falling from 25.1 percent at year-end 2014 to 24.1 percentthis quarter, JLL says in its latest market study.That represents the lowest vacancy rate throughout the Northern andCentral New Jersey's class A market since mid-2013.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
