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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.
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.