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IN THE NEWS: Central New Jersey Office Market Leads State

New Jersey Business Magazine reports: According to Third Quarter 2011 New Jersey Office MarketView Report by CB Richard Ellis, the leasing velocity in central New Jersey is leading the state and positively contributing to the rebound of its office market, continuing the trend for the year.  In total, the state  leased 862,102 sq. ft., with central New Jersey accounting for 850,626 sq. ft. of positive absorption and northern New Jersey only 11,476 sq. ft.   Renewals accounted for 39.1% of overall activity in the quarter; 41.3% year-to-date. Almost 75% of leasing velocity was Class A properties, as tenant seek to capitalize on current market conditions and secure high-quality space.

CBRE Report: Central New Jersey Office Market Leads Current Rebound