New Jersey's Commercial Office Market Enjoys Continued Resurgence

According to Transwestern Commercial Services' First-Quarter 2019 Office Market Report, as the slow but steady resurgence of the New Jersey office market continues, vacancy has reached its lowest level in nearly a decade. After decreasing by one-tenth of a percentage point for the third straight quarter, the vacancy rate sits at 14.7%. Office vacancy was buoyed during the first quarter of the year by strong absorption: 12 of the state's 21 submarkets reported positive absorption, marking the fourth consecutive quarter in which the state recorded positive net absorption as a whole - a feat that hadn't been achieved since 2014.