NJ Office Leasing Reaches Highest Total in Years
Looking at only new office leases - tenants coming from outside New Jersey or those moving within the state - the Garden State in 2015 posted the highest amount of square-footage in a decade.
According to commercial real estate services firm Cushman & Wakefield, new leasing activity in New Jersey accounted for 10.9 million square feet last year, the highest recorded total since 2005.
"Compared to last year, leasing is up approximately 34 percent for all of New Jersey," said Cushman & Wakefield's Jason Price, research director for the tri-state suburbs.
And while the Hudson Waterfront led the way, a number of suburban areas contributed to the gains as well, including spots in Princeton, Woodbridge/Edison and along the I-78 corridor.
Overall in 2015, the amount of occupied space grew by nearly 2 million square feet, well above the 2014 total of 300,000.
Office vacancy fell to 18.7 percent, its lowest point since 2011.
Price noted New Jersey also benefited from a handful of significant lease renewals, as these corporate giants chose to keep offices within the state's borders:
- AT&T in Bedminster
- Barnes & Noble in Bernards Township
- Fidelity in Jersey City
- Hudson News in East Rutherford
- Novo Nordisk in Plainsboro
- Teva Pharmaceuticals in Woodcliff Lake