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Route 78 submarket houses largest volume of Class A office space in the state/678/new-jersey-2-12-18-route-78<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/transportation-urban-road-modern-city-skyline.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/678/new-jersey-2-12-18-route-78Route 78 submarket houses largest volume of Class A office space in the state​After slipping to 28.3 percent in mid-2017, the Route 78 Class A vacancy rate trended higher during the second half of the year as corporate consolidations released large blocks of space onto the market.
Route 24 sublease space doubles from third quarter/657/new-jersey-2-5-18-rt-24-sublease-doubles<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-office-team-meeting.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/657/new-jersey-2-5-18-rt-24-sublease-doublesRoute 24 sublease space doubles from third quarter​The Route 24 Class A vacancy rate eclipsed 28.0 percent at year-end 2017 compared to less than 27.0 percent during the third quarter, in the wake of a rising tide of sublease space.
Class A office sublease space stabilizes in late 2017/630/new-jersey-1-29-18-class-a-sublease-stabilizes<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-modern-office-trees-sky.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/630/new-jersey-1-29-18-class-a-sublease-stabilizesClass A office sublease space stabilizes in late 2017​Consolidations and relocations had released a steady supply of sublease space onto the Northern and Central New Jersey Class A office market during most of the past year.
Information/technology sector fuels office demand/617/new-jersey-1-22-18-it-fuels-office-demand<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/technology-web-developer-screens.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/617/new-jersey-1-22-18-it-fuels-office-demandInformation/technology sector fuels office demand​While financial services and pharmaceutical/life sciences have historically accounted for a large portion of office demand, the high-tech industry has emerged as a driver of growth for the New Jersey economy and the commercial real estate market.
Dearth of larger leases keeping office market in check/597/new-jersey-1-16-18-large-leases<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-office-exterior-windows-lights.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/597/new-jersey-1-16-18-large-leasesDearth of larger leases keeping office market in check​Leases in excess of 100,000 square feet were elusive in the Northern and Central New Jersey office market during 2017, as smaller transactions provided the storyline for the office market.
Office leasing activity decelerates as larger transactions remain elusive/584/new-jersey-1-8-18-office-leasing-decelerates<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-exterior-high-rise.png?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/584/new-jersey-1-8-18-office-leasing-deceleratesOffice leasing activity decelerates as larger transactions remain elusive​After approaching 14.0 million square feet in 2015, Northern and Central New Jersey office leasing volume trended lower for the next two years.