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Meanwhile, Across The River...

New York
Meanwhile, Across The River...
New Jersey Skyline
Even without a new tunnel to get to NJ, tenants are finding their way there. NJ’s office market is reaching a (Garden) state of equilibrium, with landlords reducing the number of concessions while trying to lock tenants down for early renewals, according to the latest Q3 research from Colliers International. The market may still slightly favor tenants, who are still going for quality, but landlords are increasingly confident that the market has reached bottom. Yet pockets of activity may be skewing the data, the firm says, especially with Oticon’s purchase of the 162k SF 580 Howard Ave. and SHI International’s purchase of the 420k SF 290 Davidson Ave., both in Somerset County. These transactions improve Central and Northern NJ’s availability and absorption rates statistically, but the large spaces were not realistic destinations for most office users, it notes. Overall, there has been positive momentum—the availability rate decreased and average asking rents rose in six of 10 counties.