Vacancy in the northern New Jersey office market grew for four straight quarters in 2020, even as a handful of industries showed the ability to withstand the effects of pandemic.
Three tenants at a Somerset County business park have renewed their leases, recommitting to a combined 78,000 square feet at the property.
Office leasing in New Jersey rebounded modestly in the third quarter, even as the pandemic continues to weigh on the market and fuels a sizable uptick in availabilities.
SJP Properties is touting the debut of a new co-working space in Bridgewater, the latest addition to its 1.2 million-square-foot Somerset Corporate Center campus.
Atkins Cos. has lured a top New Jersey health care network to a new location in Bridgewater, inking a 37,030-square-foot lease at the site of a former office space for a bank.
Brother International Corp. has extended its lease for more than 100,000 square feet at a Bridgewater office building, under a newly announced transaction by JLL.
The pandemic has not stifled rent growth in New Jersey’s industrial market, as Amazon and other e-commerce users continue to drive leasing and construction activity statewide.
Office leasing in New Jersey slowed significantly in the second quarter, with renewals and extensions accounting for most of the activity as tenants navigated the coronavirus crisis.
After decades of consolidation by Big Pharma, demand for modern lab and diagnostic space in New Jersey is on the rise, fueling rent growth and pushing some developers to consider new laboratory projects.