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New availabilities with higher asking rents boost the average higher/234/new-jersey-office-market<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/bulding-tall-urban.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/234/new-jersey-office-marketNew availabilities with higher asking rents boost the average higherDespite the Northern and Central New Jersey Class A vacancy rate stubbornly ranging near 25.0 percent for the past two years, the average asking Class A rental rate reached $29.70 per square foot in mid-2017 compared to less than $29.20 per square foot at year-end 2016.
Lack of supply forces tenants to expand their searches across the region for modern industrial product /241/northeast-industrial-region<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/industrial-ports-shipping-overview.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/241/northeast-industrial-regionLack of supply forces tenants to expand their searches across the region for modern industrial product ​Currently, an estimated 50.7million square feet of tenant demand is targeting the North East Industrial Region.
Banking/services firms expected to remain active in the office market/218/new-jersey-banking-and-service-active<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/money-banking2.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/218/new-jersey-banking-and-service-activeBanking/services firms expected to remain active in the office market​Nearly 4.5 million square feet of tenant space requirements were active in the Northern and Central New Jersey office market in mid-2017.
Information/technology sector drives Q2 office demand/180/new-jersey-7-24-2017-tech-driving-office-demand<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/young-office-worker.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/180/new-jersey-7-24-2017-tech-driving-office-demandInformation/technology sector drives Q2 office demandWhile life sciences companies were active in the Northern and Central New Jersey office market during the first quarter, information/technology companies stole the top spot three months later.
Current office demand fueled by smaller leases/160/new-jersey-office-demand<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/office-cubes-birdseye-view.png?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/160/new-jersey-office-demandCurrent office demand fueled by smaller leasesLeases in excess of 100,000 square feet have been elusive in the Northern and Central New Jersey office market during the first half of 2017.
Route 78 submarket leads state with available sublease space/118/route-78-submarket-leads-state-with-available-sublease-space<img alt="" height="63" src="/united-states/en-us/PublishingImages/Snapshots/modern%20architecture-close-up-jll.jpg" width="120" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/118/route-78-submarket-leads-state-with-available-sublease-spaceRoute 78 submarket leads state with available sublease spaceMore than 4.2 million square feet was marketed for sublease in the Northern and Central New Jersey Class A office market during the first quarter of 2017.