According to new research from Cushman & Wakefield, large corporate relocations -- driven mainly by state incentives and steady yet modest employment gains -- propelled Northern and Central New Jersey into one of their best quarters of office leasing in recent history as vacant space tightened markedly in some market segments and particularly for Class A space.
"At 1.8 million square feet, the third quarter of 2016 boasted the highest amount of square footage absorbed in any one quarter in the Garden State in the past fifteen years," said Andrew Judd, Cushman & Wakefield's New Jersey Market Leader. "The last two quarters combined have produced slightly more than 2.8 million square feet (SF) of net occupancy gains, as vacancy has fallen by 140 basis points (BPS) since the first quarter. The demand for quality, Class A space throughout the market was evident during the third quarter, as all of the occupancy gains were concentrated within Class A product."