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New York Commercial Real Estate

NJ OFFICE: A LEVEL ‘10

Why did we snap this photo of clouds breaking over NJ? Both Cushman & Wakefield and JLL have just released their Q4 office stats, and things are looking sunnier. The takeaways: in some local markets, companies are taking advantage of discounted rates by relocating and expanding, says C&W’s Gil Medina. Northern NJ’s vacancy rate decreased from 17.3% to 16.9%, and leasing activity should remain balanced through ’10. JLL's take: It’s possible the market has reached bottom, and vacancy will level this year. Asking rents should continue to slip, albeit at a slower pace, and market conditions will remain favorable for tenants.

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Related Topics: Gil Medina, Northern NJ
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