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Office deal size diminishes in wake of downshifting leasing velocity/951/new-jersey-5-29-18-office-deal-size-diminishes<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/interior-glass.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/951/new-jersey-5-29-18-office-deal-size-diminishesOffice deal size diminishes in wake of downshifting leasing velocityThe average size of a lease signed in the Northern and Central New Jersey office market during the first quarter trended lower during the past few years.
Demolitions/conversions reduce office inventory and vacancy rate/884/new-jersey-4-30-18-demolitions-reduce-office-inventory<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/construction-birdseyeview.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/884/new-jersey-4-30-18-demolitions-reduce-office-inventoryDemolitions/conversions reduce office inventory and vacancy rateWith the Northern and Central New Jersey overall vacancy rate ranging near 25.0 percent for the past six years, the demolition or conversion of older, vacant buildings to alternative uses made headlines in the office market during the first quarter.
Class B vacancy rate trends lower as inventory shrinks/871/new-jersey-4-21-18-vacancy-rate-trends-lower<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-birdseye-trees.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/871/new-jersey-4-21-18-vacancy-rate-trends-lowerClass B vacancy rate trends lower as inventory shrinksAfter approaching 26.0 percent in 2015, the Northern and Central New Jersey Class B vacancy rate trended lower, and had fallen to 21.2 percent by early 2018.
Office leasing velocity down, but vacancy rate ticks lower in early 2018/820/new-jersey-4-2-18-office-leasing-velocity-down<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/abstract-red-panel.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/820/new-jersey-4-2-18-office-leasing-velocity-downOffice leasing velocity down, but vacancy rate ticks lower in early 2018Leasing velocity remained constrained in the Northern and Central New Jersey office market as just over 1.3 million square feet of leases were completed in early 2018.
Large block office vacancies sustaining current Class A vacancy rate/745/new-jersey-3-5-18-large-block-office-vacancies<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/buildings-office-exterior.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/745/new-jersey-3-5-18-large-block-office-vacanciesLarge block office vacancies sustaining current Class A vacancy rate​​More than 25.5 million square feet was marketed for lease in the Northern and Central New Jersey Class A office market at year-end 2017, as the vacancy rate was above 25.0 percent.
Large supply of older space overshadows office market/724/new-jersey-2-26-18-older-supply-overshadows<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/buildings-city-landscape.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/724/new-jersey-2-26-18-older-supply-overshadowsLarge supply of older space overshadows office marketSlightly more than 38.7 million square feet of direct and sublet space was marketed for lease in the 160.4-million-square-foot Northern and Central New Jersey office market at year-end 2017.