SOMERSET, NJ—Cassidy Turley has released its first quarter office market snapshot report for Northern and Central New Jersey.
Findings reported include a down vacancy rate in Northern New Jersey. In the fourth quarter of 2012, vacancies in the region totaled 15.3 percent, while in the first three months of 2013, that rate fell to 15.0 percent.
The winner in Northern New Jersey, according to Cassidy Turley, is Bergen County, which has reported three consecutive quarters of positive absorbption.
Within the first quarter, Northern New Jersey demonstrated a positive first quarter with 434,341 sq. ft. of net absorption.
In Central New Jersey, the picture wasn’t as bright with an increased vacancy rate from 16.8 at year-end 2012 up to 17.0 percent in the first quarter of 2013. The bright spot for the region, however, was the Somerset/Interstate-78 submarket where vacancy dropped 0.2 percent in the first quarter, down to 13.4 percent from 13.6 percent.
“Understanding the nuances and the shifting outlook of the New Jersey office market, as well as the potential impact of increasing demand towards modern, open office space gives us the ability to provide the best possible product and service to our clients,” said Raymond Trevisan, managing principal of Cassidy Turley.