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Surging Class A Demand Pulls Northern, Central New Jersey Vacancy Rates Lower

EAST RUTHERFORD, NJ—More than 80% of the 1.5 million square feet absorbed in the third quarter was recorded in the state’s class A office market as companies sought this high-end space for their operations.

Jonathan Meisel, managing director, Jones Lang LaSalle Jonathan Meisel, managing director, Jones Lang LaSalle

EAST RUTHERFORD, NJ—Following a sluggish first half of the year that was defined by 235,610 square feet of negative net absorption, a rebound in leasing velocity led to more than 1.5 million square feet of positive net absorption in the Northern and Central New Jersey office markets during the third quarter, according to new research by Jones Lang LaSalle.

JLL says the overall vacancy rate declined from 24.4% at mid-year to 24% in the third quarter—its  lowest level since early 2009.

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Steve Lubetkin

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].

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