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Parsippany submarket weighs heavily on state’s Class A vacancy rate at mid-year/1033/new-jersey-7-16-18-parsippany-submarket<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-computer-charts-banking.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1033/new-jersey-7-16-18-parsippany-submarketParsippany submarket weighs heavily on state’s Class A vacancy rate at mid-yearDecelerating leasing velocity had kept the Northern and Central New Jersey Class A vacancy rate near the 25.0 percent level for the past year.
Diminished leasing activity continues to tame office market growth through mid-2018/1017/new-jersey-7-9-18-deminished-leasing-tames-office-market<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/abstract-office-sky-building.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1017/new-jersey-7-9-18-deminished-leasing-tames-office-marketDiminished leasing activity continues to tame office market growth through mid-2018Diminished leasing volume had penned the storyline of the Northern and Central New Jersey office market during the past 18 months.
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.